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

 


Bill Will Bring Welcome Protection For Vulnerable Consumers

Bill Will Bring Welcome Protection For Vulnerable Consumers Say Credit Unions


The industry organisation representing credit unions and building societies in New Zealand is delighted that the Credit Contracts and Financial Services Law Reform Bill passed its second reading in Parliament yesterday, and says it will bring much needed protection for vulnerable consumers.

“We’re glad to see that all political parties are supporting this Bill which will provide better protection for low-income earners from the type of predatory loan-shark behaviour so prevalent in those communities” saysNew Zealand Association of Credit Unions (NZACU) Chief Executive Henry Lynch.

“Whilst credit unions and building societies serve a diverse range of members, many of our community credit unions operate in what you would consider lower socio economic areas” said Mr Lynch. “Often people who come in seeking help have been the victim of credit contracts that have quite clearly not been affordable, with hidden penalties and interest traps”.

NZACU’s members are fully supportive of the bill, but they recognise that even with more responsible lending practices being required by law, the bigger picture issue causing a lot of debt problems is low financial literacy.

“Better understanding of basic financial concepts and simple budgeting skills is essential if we are to improve the financial wellbeing of all New Zealanders. There needs to be a combined effort by everyone in education, business and the wider community to support the government legislation with better financial literacy support” said Mr Lynch.

The NZACU and its Members are keen supporters of the National Strategy for Financial Literacy developed by the Commission for Financial Literacy and Retirement Income.

“A national, cooperative approach such as this is the only way we’ll see a long term solution to the destructive debt spiral many Kiwis find themselves in when they turn to people like loan sharks.”

Cooperatively owned credit unions and building societies in New Zealand currently have over 200,000 members, and have a long history of helping people from all walks of life achieve better financial management.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Housing Plans: Labour- Abolish Auckland Urban Boundary
The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis. More>>
Greens - State House Solution
The Homes Not Cars policy allows Housing New Zealand to retain its dividend and, in addition, would refund its tax, to spend on the emergency building of around 450 new state houses. More>>

ALSO:

Houses And Taxes: Post-Cabinet, Pre-Budget Press Conference

The Prime Minister said that the pre-budget announcements showed that his Government is “investing in a growing economy”. He re-affirmed the National Government’s commitment to lowering personal tax rates but that any such change must fit with the fiscal reality of the time. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news