- “While we agree with the government’s aim to protect vulnerable consumers from unscrupulous lenders, the one-size-fits-all approach for all lenders and all loan types means banks don’t have the same discretion or flexibility they used to.”
- Beaumont said the one-size fits all approach for all lenders and all loan types meant the banks did not have the same discretion or flexibility as before.
- “We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place.”
- “We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change.”
- “Most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change,” Beaumont said.
- “The government’s rushed attempt to fix the problem hasn’t made things easier for consumers seeking credit. Instead, it’s raised hopes of a solution that hasn’t been delivered.”
- New Zealand Bankers’ Association chief executive Roger Beaumont said the delay probably would not make much difference because the “proposed tweaks” would not change much.
- Tweaks to new consumer lending rules released today won’t make much difference for most people seeking credit says the New Zealand Bankers’ Association. Changes to the Credit Contracts and Consumer Finance Act introduced last December had an immediate dampening impact on the availability of consumer credit. “The government’s rushed attempt to fix the problem hasn’t... Read more »
- “The drive for business is balanced with the need to identify and manage risk, including compliance with the regulatory framework in which they operate, especially AML-CFT legislation. These are commercial decisions for the banks themselves, made on a case-by-case basis,” Beaumont says.
- “Banks want to keep people in their homes and there are often a range of personal solutions that banks can implement to support their customer’s individual circumstances.”
