Wizard Response To Commerce Commission Findings

MEDIA RELEASE

Commerce Commission findings

The Commerce Commission today released its determination on New Aussie Finance Pty Limited after the company was found to be in breach of the Fair Trading Act 1986. Since early 2003, New Aussie Finance Pty Limited has been working in New Zealand primarily in the Chinese and Korean communities, trading as Wizard Home Loans.

Head of Wizard New Zealand, John Grant said he was pleased to cooperate in the Commerce Commission’s investigations into an advertisement published in February of this year by New Aussie Finance Pty Limited. The outcome revealed that Wizard’s procedures were robust and its requirements of license holders very clear.

He believed over-exuberance on the part of New Aussie Finance Pty Limited’s manager David Mao led to a lack of consultation and had Wizard New Zealand been presented with the advertisement for sign-off prior to placement this breach would not have occurred.

“Wizard has every confidence in David Mao’s professionalism and we have started working with Mr Mao to ensure his procedures adhere to our own requirements and, most importantly, those set out by the Commerce Commission.”

“Wizard is committed to consumer transparency and we have stringent compliance procedures in place. We actively train all staff, including all new branch owners and their staff, on the requirements of the Fair Trading Act and other regulatory regimes,” John Grant said.

Wizard has 14 branches in New Zealand and over 175 in Australia. It continues to lift its presence in New Zealand with plans for several new branches to open in the coming months.

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