Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Missed opportunity to crackdown on loan sharks

Carol
BEAUMONT

Consumer Rights and Standards Spokesperson
17 March 2014 MEDIA STATEMENT

Missed opportunity to crackdown on loan sharks

The Government has squandered an opportunity to crackdown on exorbitant rates being charged by loan sharks that are financially crippling some our most vulnerable families, Labour’s Consumer Rights and Standards spokesperson Carol Beaumont says.

“The Government is claiming its Credit Contacts and Financial Services Law Reform Bill will stop unscrupulous lenders.

“However this Bill – which has just been reported back from select committee – fails to address the most important issue of excessive interest rates.

“Interest rate caps are increasingly commonplace throughout the world but have been disregarded by the Government.

“National’s inaction has caused immeasurable grief and hardship to thousands of families who have got caught up in spiralling debt with loans from predatory lenders.

“Communities find compounding interest rates of over 100 per cent charged by some third tier lenders to be abhorrent. These exorbitant rates are unjustifiable and take money from needy families.

“Labour will not sit back and leave this unchallenged. We will be putting forward amendments to the Bill to include interest rate caps to other new measures to protect the interests of consumers.

“I expect there will be strong support from communities and in Parliament for such amendments,” Carol Beaumont says.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Inauguration: Donald Trump Takes The Presidential Oath

A Transcript by Lyndon Hood.

DONALD TRUMP: Let's get this over. I'm in a hurry for everyone to clap me and then I have a party and later some President stuff I would like to do. You would not believe the cuts.

SUPREME COURT CHIEF JUSTICE JOHN ROBERTS: This is a dignified occasion, Sir. No need to be rushing.

DT: I am no way Russian! Not that there's anything wrong with that. Putin? Great guy! And everyone on my team tells me the Russians are great to work with and what great ideas they have. The best people. Classy, too. The hotels...

SC: If we could move on. More>>

 

Gordon Campbell: On Bill English, Abroad

If David Cameron was the closest thing John Key had to a political mentor, their successors also share a whole lot in common. Theresa May and Bill English were both propelled into the top jobs as the result of unexpected resignations, and without much in the way of credible competition from their colleagues... More>>

ALSO:

Pike River: Labour Bill To Override Safety Act For Mine Entry

“Bill English has been hiding behind the legal excuse that any attempt to re-enter the mine to recover the bodies might place the mine’s owner, Solid Energy Limited, and its directors in breach of the Health and Safety at Work Act 2015." More>>

ALSO:

Gordon Campbell: On Populism And Labour 2017

For many people on the centre-left, populism is a dirty word, and a shorthand for the politics of bigotry. In this country, it has tended to be equated with the angry legions of New Zealand First. Who knew they were not just a reactionary spasm, but the wave of the future? More>>

Oxfam: 30% Of NZ Owns Less Wealth Than Our Two Richest Men

The research also reveals that the richest one per cent have 20 per cent of the wealth in New Zealand, while 90 per cent of the population owns less than half of the nation’s wealth. The research forms part of a global report released to coincide with this week’s annual meeting of political and business leaders at the World Economic Forum in Davos, Switzerland. More>>

ALSO:

Hospitals: Resident Doctors Set To Strike Again

Despite discussions between the DHBs and NZRDA over safer hours for resident doctors progressing during the last week, the strike planned for next week appears set to proceed. More>>

ALSO:

Not So Super Fund: More Burning Ethical Questions For Steven Joyce

Greens: Radio New Zealand reported this morning that the New Zealand Superfund has $77 million invested in 47 coal companies that the Norwegian Government’s Pension Fund – the largest sovereign fund in the world – has blacklisted. More>>

Activism: Greenpeace Intercepts World’s Biggest Seismic Oil Ship

Greenpeace crew have made contact with the world’s biggest seismic oil ship after travelling 50 nautical miles on two rigid-hulled inflatables off the coast of Wairarapa... Greenpeace radioed the master of the Amazon Warrior to deliver an open letter of protest signed by over 60,000 New Zealanders. More>>

ALSO:

Gordon Campbell: Why Tax Cuts In 2017 Would Be A (Proven) Bad Idea

Ever since the world fell prey to the mullahs of the free market in the 1980s, no amount of real world evidence has managed dispel one key tenet of their economic faith. Namely, the idea that if you cut income taxes and taxes on small business, a wave of individual enterprise and entrepreneurial energy will thus be unleashed, profits will rise and – hey bingo! – the tax cuts will soon be paying for themselves ... More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
More RSS  RSS
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news