Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Commerce Commission and FMA sign MOU

Commerce Commission and FMA sign MOU

Issued 1 April 2014

The Commerce Commission has signed a Memorandum of Understanding (MOU) with the Financial Markets Authority (FMA) in advance of the commencement of key parts of the Financial Markets Conduct Act 2013.

From today the FMA is the primary regulator of misleading and deceptive conduct in relation to financial products and services. These include products and services such as term deposits, shares, and derivatives.

Responsibility for matters relating to consumer credit remains with the Commission. This includes products and services such as personal credit cards, loans, and mortgages.

To ensure a robust and efficient complaints process, as well as the protection of consumers’ interests, the Commission and the FMA have signed a Memorandum of Understanding (MOU).

“While the Commission and the FMA already have an excellent working relationship, the MOU formalises that relationship and clarifies our roles and responsibilities in light of the legislative changes that come into effect today,” said Commerce Commission Chairman, Dr Mark Berry.

“The Commission is committed to ensuring a smooth transition of responsibility to the FMA. We look forward to working with the FMA to ensure both agencies deliver services that benefit and protect consumers,” Dr Berry said.

Complaints about misleading or deceptive conduct in relation to financial products (that occurred after 1 April 2014) should be referred to the FMA. Complaints relating to conduct prior to 1 April, or to consumer credit, can be referred to either the Commerce Commission or the FMA.

Background

Under the Financial Markets Conduct Act 2013 (FMC Act) the FMA becomes the primary regulator of misleading and deceptive conduct in relation to financial products and services from 1 April 2014. Prior to 1 April, the Commerce Commission had primary responsibility for this conduct under the Fair Trading Act 1986.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news