Author: Philip vanDyk

Banking industry welcomes CCCFA Amendment Bill first reading

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… Read more »

In new rural banking trial, Westpac NZ is sending a van between regional towns

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,… Read more »

Banking titans on cusp of major legal victory after shock Luxon intervention

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.”

Banks update consumer safeguards and compensation for scams

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.

New Zealand proposes law change to deliver CBA, ANZ major legal win

“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,” he said. “The changes simply confirm that, if a lender fails to meet their obligations, the courts can decide what is a ‘just and equitable’ outcome for that failure.”