Economic Development, Science and Innovation Committee (more…)

Banking Association chief executive Roger Beaumont told a select committee earlier this month that any lender making any mistake, such as “getting a phone number wrong”, could be subject to draconian penalties that went far beyond compensating borrowers for their actual losses.

Ministry of Business, Innovation and Employment (more…)

New Zealand Banking Association chief executive Roger Beaumont said banks are responsible lenders. They typically have dedicated teams to deal with those experiencing financial difficulty and mortgagee sales were “rare and always a last resort”.

Roger Beaumont, CEO of the New Zealand Banking Association, defended the proposed amendment: “Between 2015 and 2019, any lender who even made a small mistake… could be subject to a draconian provision in the law.”

“That consequence would be totally out of proportion with the technical legal breach, especially if there was no harm to the consumer who was happily enjoying their new home or car thanks to a bank loan.”

Financial Markets Authority (more…)

Financial Markets Authority (more…)

The New Zealand Banking Association has welcomed the amendment Bill, saying it tidies up the existing legislation to ensure that all breaches are treated the same as those currently.

Roger Beaumont, chief executive of the New Zealand Banking Association, told the committee that minor disclosure errors – “like getting their phone number wrong” – could result in the full repayment of interest and fees under the current law.