- “We welcome the removal of overly prescriptive affordability assessment requirements because it should help fix the one-size-fits-all approach that treated all types of lending and borrowers the same. The change still means that consumers are protected, and lenders need to be responsible,” NZBA Chief Executive Roger Beaumont says.
- “What it means is it’ll go back to the way it was prior to these regulations, when banks could exercise discretion in determining whether a customer was suitable for a loan or not,” said chief executive Roger Beaumont.
- Beaumont is pleased to see moves to simplify other matters in the CCCFA, especially personal liability for directors and senior managers, the requirements for disclosure of information to borrowers and the updating of the Responsible Lending Code guidance, to get the balance right and help ensure consumers don’t see a prescriptive approach reintroduced.
- The banking industry welcomes changes to consumer lending law announced by the government today. New Zealand Banking Association chief executive Roger Beaumont says: “We welcome the removal of overly prescriptive affordability assessment requirements because it should help fix the one-size-fits-all approach that treated all types of lending and borrowers the same. “The change still means... Read more »
- “This will help bring back flexibility and discretion for banks to help customers in need, for example in emergency situations, and better recognises that banks already have their own prudent lending policies, which help ensure borrowers can afford to repay any debt.”
- “We’re also asking the government to help remove any regulatory barriers to the Anti-Scam Centre working effectively, and to set scam prevention expectations for other industries,” Beaumont said.
- “Banks have launched phase one of the Anti-Scam Centre by identifying and sharing more information faster about mule accounts. We’d like to see other sectors in the scam ecosystem contribute to the Anti-Scam Centre, and the Government can help encourage them to do so,” Beaumont says.
- “To truly strengthen New Zealand’s scam defences, everyone in the ecosystem needs to step up, and that includes government, telcos, social media companies, and search engines. Banks can’t protect New Zealanders on their own.”
