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


Little Help Against Loan Sharks

Little Help Against Loan Sharks

Loan sharks are getting nothing more than a slap on the wrist from the National Government, which refuses to introduce legislation to stop them charging very high interest rates, says New Zealand First.

“We are extremely disappointed in the Government for not putting a cap on interest rates as part of the Credit Contracts and Financial Services Law Reform Bill – this is the reason we voted against the committee stage of the Bill in Parliament yesterday,” says Commerce Spokesperson Andrew Williams.

“The most vulnerable people need every assistance to ensure that they are not ripped off by some of these unscrupulous racketeers.

“Commerce Minister Craig Foss could have taken an extra step and put a cap on interest rates as has been done in the United Kingdom, the US, Canada, Japan, Australia and much of Europe.

“United Future leader Peter Dunne has failed to put his representation of the people first, instead doing a flip flop, as he is wont to do, to save his political skin. He has refused to support an amendment to this Bill to include an interest rate cap.

“Three years ago he supported a similar Bill, which included interest rate caps, but now he has backed off.

“With his vote we could have dealt a blow to loan sharks but now all we have is weaker legislation that will have little effect on the extreme interest rates that loan sharks will charge their customers,” says Mr Williams.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Court Sends Back TPP Decision: 'Blanket Approach' In Turning Down OIA Not Lawful

"When the minister refused Professor Kelsey’s request, neither he nor his officials assessed each piece of information requested against the criteria in the act for withholding official information," Justice Collins said in his judgment. More>>


CTU Conference: Helen Kelly On Standing Down

So now I have left you a big list of jobs to do when I go, I do want to talk about leaving for a little bit. I am going to miss this job. It is, believe it or not – fun and interesting ... More>>


Members' Bills: Seymour Lodges Assisted Dying Bill

“The End of Life Choice Bill is a response to the anguish faced by a small but significant minority of people with terminal illness or who are grievously and irremediably ill, as they anticipate the prospect of intolerable suffering and the indignity of the final few days and weeks of their lives,” said Mr Seymour. More>>


Activism: SHAN Protest Against State Housing Sales

The State Housing Action Network (SHAN) led a protest in Wellington against the sale of state housing by the Government. At midday thirty to forty protestors marched from Civic Square to Parliament accompanied by the sounds of the Brass Razoo Solidarity Band. More>>

1080 Threat: Police Arrest 60 Year Old Auckland Man

New Zealand Police have arrested a 60-year-old Auckland businessman in relation to the criminal blackmail threat to poison infant formula with 1080, made public in March this year. More>>


Canterbury Transition Bill First Reading: Government Hiding From ECan Submissions

The Government has radically reduced the amount of time for public submissions on their controversial ECan bill, says Labour’s Environment spokesperson Megan Woods... “Their shortened timeline could mean that instead of the usual six weeks, Cantabrians get just one week to submit their views on the bill." More>>


Gordon Campbell: On Our Apparent Inability To Stand Up To Australia

Alas, and only days before the first meeting between our Prime Minister John Key and the new Australian leader Malcolm Turnbull, this country is showing no sign of standing up for itself. Quite the reverse. We seem to be rolling over, and making gestures of appeasement. More>>


Health Not-So-Many Benefits: Auditor-General On Scrapped Cost-Saving Plan

The Auditor-General decided to look into the costs and benefits of HBL’s work in the health sector and, where possible, identify lessons... We found that several factors contributed to the difficulties that befell HBL and, in particular, the Finance, Procurement and Supply Chain (FPSC) programme. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news