Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Loan shark industry will grow without laws to stop them

November 1, 2012

Loan shark industry will continue to grow without laws to stop them

Without interest rate caps imposed on them, loan sharks will still bite, FIRST Union’s Pasekifa Fono says.

The Ministry of Consumer Affairs and the Federation of Family Budgeting Services have launched a freecall number targeting Pacific victims of loan sharks, to give advice and refer cases to external disputes resolution in some cases.

This was a start, but Terry Tuiletufuga, convenor of the FIRST Union Pasefika Fono, said that without laws in place to stop them, the loan shark industry would continue to grow.

He said that low income pacific workers and beneficiaries in areas like South Auckland have been poorly served by inadequate protections around dodgy lenders.

“What is desperately needed is a cap on interest rates charged by fringe lenders. Other countries do this, and there is no reason why we can’t.

“National voted down a bill in the previous Parliament that would have clamped down on loan sharks. They have their own draft proposals finally, but it doesn’t go far enough.”

“Why would any government defend lax rules that allow loan sharks to charge interest rates of in some cases several hundred percent,” he said.

Terry Tuiletufuga said FIRST Union Pasefika Fono would be holding the first of several community stalls this weekend to build support for stronger loan shark laws, with a stall at a Glenfield community event from 2pm till 5pm this Saturday.

The National Distribution Union and Finsec joined forces in October 2011 to form New Zealand’s newest union – FIRST. The union represents 27,000 people working in Finance, Industrial (Textile and Wood) Retail, Stores & Transport. http://firstunion.org.nz


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Environment And Conservation: Changes To Our Oceans Pose Serious Concerns

New Zealand’s oceans, coasts, and marine wildlife are under growing pressure, according to the first national report from the Ministry for the Environment and Statistics New Zealand about the marine environment. More>>


Police Authority: Use Of Taser Was Disproportionate And Unjustified

The Independent Police Conduct Authority has found that an officer’s second use of a Taser on a mentally unwell Hokitika man was disproportionate and unjustified. More>>


Gordon Campbell: On Holidays, Hekia Parata And Badlands

Hekia Parata, adieu. Reportedly, she’s been ‘passionate’ about education. She has “bravely’ led the charge on the government’s education reforms. In the past week , many of the postscripts to Hekia Parata’s career as Education Minister have sounded like a schoolteacher desperately trying to find some reason why a D student can be marked up to C minus. More>>


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news