Financial Markets Authority (more…)

“We believe the change proposed in the amendment bill is fair as it simply tidies up the existing legislation to ensure that all breaches from 2015 to 2019 are treated the same as those currently.”

The banking industry welcomes the first reading of the Credit Contracts and Consumer Finance Amendment Bill. This includes an important adjustment to limit the risk of excessive consequences for minor disclosure breaches.

“We believe the change proposed in the amendment bill is fair as it simply tidies up the existing legislation to ensure that all breaches from 2015 to 2019 are treated the same as those currently,” says New Zealand Banking Association chief executive Roger Beaumont.

“It is important to note that consumers will still be protected, and lenders will still be appropriately held to account once the law is amended. The changes simply confirm that, if a lender fails to meet their disclosure obligations, the courts can decide what is a ‘just and equitable’ outcome for that failure. That is no different to other civil and criminal cases and does not stop any current or potential future cases brought under this Act. Consumers and regulators can continue to bring CCCFA claims before the courts.

“We have openly and transparently argued for changes to these particular disclosure provisions under this legislation for almost ten years. And for good reason – the potential consequences are out of step with the potential harm. Currently any minor breach in a disclosure document, such as a wrong address, for the years 2015 to 2019 may require a full refund of interest and fees. That is not fair or proportionate compensation for customers who may not have suffered any material impact to their finances.

“All 17 members of the New Zealand Banking Association, including large banks and smaller New Zealand-owned banks, support these changes,” says Beaumont.

ENDS

Note: The reasons for the CCCFA amendment are set out in MBIE’s regulatory impact statement of 5 March 2025: https://www.mbie.govt.nz/dmsdocument/30485-ris-retrospective-application-of-relief-from-section-99-1a-pdf

It has been claimed that this change will extinguish the rights of thousands of customers in contravention of the rule of law – all to protect the interests of two large Australian-owned banks. This is not correct. No rights will be extinguished. Debtors will still be able to claim from lenders for non-compliance under the disclosure regime.

Roger Beaumont, chief executive of the New Zealand Banking Association, which represents the country’s banking industry, said the confirmation of payee services that had been adopted by domestic banks weren’t applied to international payments.

National Emergency Management Agency (more…)

“In consultations with the Government, we have not expressed an industry view on API pricing because that’s ultimately a commercial matter for banks and third parties.”

The trial ended last July, with the New Zealand Banking Association saying it didn’t show a significant demand for the physical services with hub usage lower than many comparable regional branches or ATMs. Nonetheless most of the hub network remains in place, albeit hubs in Stoke and Ōpunake were closed. Remaining hubs include ones in Waimate, Whangamatā, Ōpōtiki, Martinborough and Twizel.

The New Zealand Banking Association, which has lobbied for change since 2015, welcomed the move. In comments shared with MPA, chief executive Roger Beaumont said: “Our members welcome the proposed amendments to the CCCFA. The amendments will bring helpful clarification and certainty to a confusing law.”

The New Zealand Banking Association has announced that banks are introducing new measures seeking to safeguard New Zealand consumers from criminal scammers and align the country with best practices around the world.