Month: April 2024

CCCFA reaction: a return to common sense

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.

Banks welcome changes to consumer lending law

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 »

Govt unburdens more prescriptive elements of CCCFA

“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.”

Banks call for government aid in anti-scam efforts

“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.

Bank lobby group to ‘investigate’ a voluntary reimbursement scheme for their customers who become scam victims, throws down the gauntlet to the Government for help with Anti-Scam Centre

“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.

Banks seek government support for Anti-Scam Centre

The banking industry has asked the government to support a New Zealand Anti-Scam Centre, as part of a response to recent ministerial requests on scam prevention. In a letter to commerce and consumer affairs minister Andrew Bayly, New Zealand Banking Association chief executive Roger Beaumont asked the government to consider leading scam prevention in New… Read more »