Parliament

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

 

Aust findings concerning, but NZ moves to protect consumers

Hon Grant Robertson
Minister of Finance

Hon Kris Faafoi
Minister of Commerce and Consumer Affairs

4 February 2019 PĀNUI PĀPĀHO
MEDIA STATEMENT


Australian Royal Commission findings concerning, but NZ moves to protect consumers already in train

The New Zealand Government will closely analyse the outcomes of the Australian Royal Commission but has already committed to ensure consumer interests are protected in the banking and insurance sector.

Minister of Finance Hon Grant Robertson said that a financial sector putting profits ahead of customers was unacceptable, but banks and the wider financial sector were already “on notice” in New Zealand.

“The New Zealand Government had already received reports on conduct and culture in our banking and insurance industry from the Financial Markets Authority (FMA) and Reserve Bank of New Zealand.

“The reviews have identified a number of issues with bank and insurer conduct, and also gaps in how we regulate them. Some of the issues are similar to those highlighted by the Australian Royal Commission, but not as widespread.

“We will look closely at the recommendations of the Royal Commission to see whether they should be implemented here.”

Minister of Commerce and Consumer Affairs Hon Kris Faafoi said banks had broadly accepted the findings of the New Zealand conduct and culture review, and he expects that the March report back from banks would show significant measures to ensure customers were back at the heart of decision-making.

“We have been clear that we expect to see things change and a balancing of the need for profit with banks delivering on the privilege of operating here.

“Further, in light of the FMA RBNZ report on insurer conduct, last week we agreed that we would fast-track customer protection measures across the financial sector.

“New Zealand will have a regime where banks and insurers are entirely focused on good outcomes for the consumer.”

Kris Faafoi said there was a raft of work already underway:

“The Financial Services Legislation Amendment Bill, already at the committee of the whole house stage and close to a final reading, will provide a clear duty for anyone giving advice to ensure a good customer outcome is the priority.

“We also have the Credit Contracts and Consumer Finance Act reform in progress, which will address irresponsible lending and debt collection practices.

“Officials are already working on the fast-tracked broad suite of measures needed to remove regulatory gaps across the finance sector. We will consult on these in May, and this will run alongside work we already have underway to update insurance contract law.

“Consumers are at the top of my mind because unless we share New Zealand’s prosperity more fairly, our economy is not going to deliver for New Zealanders.”

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

New Reports: Flood Risk From Rain And Sea Under Climate Change

One report looks at what would happen when rivers are flooded by heavy rain and storms, while the other examines flooding exposure in coastal and harbour areas and how that might change with sea-level rise.

Their findings show that across the country almost 700,000 people and 411,516 buildings worth $135 billion are presently exposed to river flooding in the event of extreme weather events...

There is near certainty that the sea will rise 20-30 cm by 2040. By the end of the century, depending on whether global greenhouse gas emissions are reduced, it could rise by between 0.5 to 1.1 m, which could add an additional 116,000 people exposed to extreme coastal storm flooding. More>>

ALSO:

 
 

Gordon Campbell: On The Commerce Commission Fuel Report

The interim Commerce Commission report on the fuel industry will do nothing to endear the major oil companies to the New Zealand public... More>>

ALSO:

Emergency Govt Bill: Overriding Local Licensing For The Rugby

“It’s pretty clear some clubs are having difficulty persuading their district licensing committees to grant a special licence to extend their hours for this obviously special event, and so it makes sense for Parliament to allow clubs to meet a community desire." More>>

ALSO:

Leaving Contract Early: KiwiBuild Programme Losing Another Top Boss

Ms O'Sullivan began a six-month contract as head of KiwiBuild Commercial in February, but the Housing Ministry has confirmed she has resigned and will depart a month early to take up a new job. More>>

ALSO:

Proposed National Policy Statement: Helping Our Cities Grow Up And Out

“We need a new approach to planning that allows our cities to grow up, especially in city centres and around transport connections. We also have to allow cities to expand in a way that protects our special heritage areas, the natural environment and highly productive land." More>>

ALSO:

Ombudsman's Report: Ngāpuhi Elder 'Shocked' By Conditions At Ngawha Prison

A prominent Ngāpuhi elder is shocked to find inmates at Ngawha Prison are denied water and forced to relieve themselves in the exercise yard... Chief Ombudsman Peter Boshier has released a report highly critical of conditions at the Northland prison. More>>

ALSO:

Promises: Independent Election Policy Costing Unit A Step Closer

The creation of an entity to provide political parties with independent and non-partisan policy costings is a step closer today, according to Finance Minister Grant Robertson and Associate Finance Minister James Shaw. More>>

ALSO:

School's In: Primary And Intermediate Principals Accept New Offer

Primary and intermediate school principals have voted to accept a new settlement from the Ministry of Education, which includes entrenched pay parity with secondary principals. More>>

ALSO:

IPCA On 'Rawshark' Investigation: Multiple Police Failings In Hager Searches Confirmed

The Independent Police Conduct Authority has found that the Police's unlawful search of Nicky Hager's property in October 2014 resulted from an unwitting neglect of duty and did not amount to misconduct by any individual officer... More>>

ALSO:

Broadcasting Standards: Decisions On Coverage Of Mosque Attacks

The Authority upheld one of these complaints, finding that the use of extensive excerpts from the alleged attacker’s livestream video on Sky News New Zealand had the potential to cause significant distress to audiences in New Zealand, and particularly to the family and friends of victims, and the wider Muslim community. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels