Scoop has an Ethical Paywall
License needed for work use Register

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


National lets loan sharks off the hook again



Consumer Affairs spokesperson

National lets loan sharks off the hook again

National has missed another opportunity to hold loan sharks to account, says Labour’s Consumer Affairs spokesperson Carol Beaumont.

“While the Responsible Lending Guidelines released today by the Financial Services Federation are a step in the right direction and those involved in creating them are to be congratulated, National is doing nothing to stop these predatory lenders in their tracks.

“The Government’s endorsement of these guidelines represents a half-hearted attempt to look proactive in the face of an increasing and serious problem in the consumer sector,” Carol Beaumont said.

“National is taking credit for other people’s work. The guidelines are voluntary and a promising initiative, but it is the Government’s role to legislate against the excessive behaviour shown by the worst predatory operators.

“We need to ensure that lenders are required to uphold strict criteria for lending, not place the burden back on consumers to hold loan sharks to account.

“This endorsement is just the Government’s way of passing the buck yet again. What is the Government doing to limit excessive interest rates? What is happening with the delayed review of the Credit Contracts and Consumer Finance Act? Consumers are left wanting as the Government sits on its hands.

“In tough economic times when families are struggling to put food on the tables, loan sharks lending irresponsibly and at excessive interest rates are flourishing. Families need a hand, and the community is demanding that the Government steps up and tackles the real issue.

“The Government’s inaction shows that they merely see victims of loan sharks as simply having made more ‘poor choices’. The problem is bigger than this, and it is the Government’s responsibility to finally take some decisive action,” Carol Beaumont said.


Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On How Climate Change Threatens Cricket‘s Future

Well that didn’t last long, did it? Mere days after taking on what he called the “awesome responsibility” of being Prime Minister, Christopher Luxon has started blaming everyone else and complaining that he's inherited “economic vandalism on an unprecedented scale” - which is how most of us would describe his own coalition agreements, 100-Day Plan, and backdated $3 billion handout to landlords... More

Public Housing Futures: Christmas Comes Early For Landlords

New CTU analysis of the National & ACT coalition agreement has shown the cost of returning interest deductibility to landlords is an extra $900M on top of National’s original proposal. This is because it is going to be implemented earlier and faster, including retrospective rebates from April 2023. More

Green Party: Petition To Save Oil & Gas Ban

“The new Government’s plan to expand oil and gas exploration is as dangerous as it is unscientific. Whatever you think about the new government, there is simply no mandate to trash the climate. We need to come together to stop them,” says James Shaw. More

PSA: MFAT Must Reverse Decision To Remove Te Reo

MFAT's decision to remove te reo from correspondence before new Ministers are sworn in risks undermining the important progress the public sector has made in honouring te Tiriti. "We are very disappointed in what is a backward decision - it simply seems to be a Ministry bowing to the racist rhetoric we heard on the election campaign trail," says Marcia Puru. More




InfoPages News Channels


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.