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

 


Commerce Commission: consumer credit community of interest

Commerce Commission to create consumer credit community of interest

The Commerce Commission is holding its first ‘Credit Matters Roundtable’ in South Auckland today with a wide range of community organisations in attendance.

Today’s roundtable is the first in a series of three, each focusing on a different group of organisations involved in consumer credit markets (community organisations, government agencies and lenders). The events are designed to increase engagement and develop a community of interest in credit markets.

The event aims to give community organisations a better understanding of the role of the Commission, its approach to enforcement and the work it is currently doing in the area of credit markets. It also provides an opportunity for the Commission to hear about current and emerging issues from those working within the community.

“Community organisations play a large role in helping and protecting consumers, particularly vulnerable consumers. The Commission wants to create a community of interest around credit markets so that we can all work together towards a common goal – to better protect consumers, said Fazleen Ismail, Commerce Commission Advocacy Manager.

“We want to ensure that we hear about consumer harm from all areas of society and all parts of New Zealand, as early as possible. Creating this community of interest around credit markets helps ensure the Commission is aware of emerging issues as quickly as possible and can take action where appropriate,” Ms Ismail said.

The roundtable takes place ahead of changes to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) which come into effect next year. These changes include the introduction of lender responsibility principles. These principles mean lenders who enter into consumer credit contracts must act responsibly in relation to advertising and in all subsequent dealings with borrowers and guarantors. The principles also include a responsibility for lenders to make reasonable enquiries to ensure that the borrowers and guarantors can make payments without substantial hardship. The lender will be required to assist both borrowers and guarantors to make an informed decision. Other changes to the CCCFA include a significant increase in penalties for breaching the Act.

The next event in the series will involve government agencies and dispute resolution services and will take place later this year. The third and final event involves lenders and will take place early in 2015.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news