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


Commerce Commission seeks more farmers for swaps case

Commerce Commission seeks more farmers for swaps case

May 9 (BusinessDesk) – The Commerce Commission says farmers concerned about the way their interest rate swaps were sold to them have until the end of the month to contact the regulator otherwise they may miss out on future compensation claims.

The antitrust regulator is investigating the alleged mis-selling of interest rate swaps in the rural sector by the New Zealand branches of the Australian-owned ASB, ANZ and Westpac banks between 2005 and 2009, citing possible breaches of the Fair Trading Act, and said it was also looking at other institutions which sold the swaps.

“We want to ensure that we have received information from all potentially affected customers before we take next steps in this investigation,” said commission chair Mark Berry. “We cannot be confident that any compensation sought in court or that may otherwise be available will be obtainable for customers who have not made contact with us.”

In April the Financial Markets Authority, the securities markets watchdog, joined the probe, expanding the investigation to see if laws including the Securities Act 1978 and the Securities Markets Act 1988 had been breached.

Interest rate swaps are intended to allow clients to manage the interest rate exposure on their borrowing and are typically marketed to large corporations and institutions. From 2005, banks began marketing them to their rural and commercial clients and the Commerce Commission has received more than 140 complaints about the way the financial derivatives were sold.

Rural customers concerned about their interest rate swaps need to contact the commission before May 30 to be included in the investigation.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hepatitis A Link: Increased Surveillance Of Imported Frozen Berries

The Ministry for Primary Industries (MPI) Director General has issued a statement warning of a potential risk associated with imported frozen berries following four human cases of Hepatitis A thought to be linked to packaged imported frozen berries. More>>


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news