Have Your Say On Credit Contracts And Consumer Finance Amendment Bill
This bill is one of three that the Finance and Expenditure Committee is considering related to financial services.
The Finance and Expenditure Committee is calling for submissions on the Credit Contracts and Consumer Finance Amendment Bill. The closing date for submissions is 11.59pm on Monday, 23 June 2025.
This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The other two bills are the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill and the Financial Markets Conduct Amendment Bill.
Please take care to upload your submission on the relevant bill.
This bill would:
transfer regulatory responsibility for credit contracts and consumer finance from the Commerce Commission to the Financial Markets Authority
make certain alignments between the Credit Contracts and Consumer Finance Act 2003 and other financial markets legislation to support a consistent and proportionate regulatory system, including transitioning lenders from a certification to a licensing regime
remove features of the Credit Contracts and Consumer Finance Act 2003 (such as the due diligence duty for directors and senior managers) that are unnecessary because of, or do not fit as well with, the new regulatory approach (including the adoption of a licensing model)
limit the situations in which a creditor's failure to make required initial or variation disclosure can mean that the debtor is not liable for the costs of borrowing.
Tell the Finance and Expenditure Committee what you think:
Make a submission on the bill by 11.59pm on Monday, 23 June 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
an hour ago
- RNZ News
Commerce commission warning for Kmart over greenwashing
Photo: RNZ / Cole Eastham-Farrelly The Commerce Commission has warned national retailer Kmart NZ over an environmentally friendly claim likely to mislead consumers. The commission said the national retailer might have breached the Fair Trading Act in making unsubstantiated claims in its "100% sustainably sourced cotton" advertising. Commission general manager Vanessa Horne said greenwashing was a real concern, as well-intentioned consumers were led to believe products were more environmentally friendly than they actually were. "Consumers have a right to clear and accurate information, and greenwashing makes it virtually impossible for a consumer to identify if a product is genuinely sustainable," Horne said. "Kmart's absolute claim of '100 percent sustainably sourced cotton' implies a high level of certainty that we believe Kmart did not have." The commission said Kmart admitted its "Better Cotton" was mixed with conventional cotton in the supply chain. "Kmart could therefore not say with certainty whether 100 percent of the cotton in its clothing was supplied by Better Cotton farmers or was sustainably sourced." Horne said consumers increasingly considered the environment when buying goods or services. "Unsubstantiated claims are unfair for businesses who put in the time and resource to make sure their environmental claims are legitimate," she said. "We are very supportive of businesses getting involved in sustainability initiatives, but as with any advertising, claims made must be accurate and be able to be backed up to avoid breaching the Fair Trading Act. "Our message to businesses is simple: if you can't back it up, don't say it." The commission was inviting consumers to pass on their concerns about potentially misleading claims on its website. The 100 percent sustainable cotton claims were made from 4 August 2023 and removed on 4 October 2024. The commission said legal action remained available to the commission if the conduct was repeated. Kmart has been asked for comment. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Techday NZ
17 hours ago
- Techday NZ
Calls grow for KiwiSaver diversification as Bitcoin yields soar
New research indicates that a lack of diversification in KiwiSaver portfolios may be limiting retirement prospects for thousands of New Zealanders, prompting renewed calls for advisers to expand their knowledge of emerging asset classes. Analysis conducted by digital investment platform Swyftx shows that investing NZD $36,500 - equivalent to NZD $10 per day - in Bitcoin over the past ten years would today have grown to approximately NZD $2.8 million, representing a 76-fold return. In comparison, the same sum invested in an average balanced KiwiSaver fund would likely now be valued at NZD $65,000 to NZD $70,000. Jason Titman, Chartered Accountant and Chief Executive Officer of Swyftx, stated that the new data highlights the need for contemporary retirement planning strategies and enhanced adviser education, especially as pension funds worldwide begin to integrate digital assets into their long-term models. "Digital assets are now a mainstream component of diversified investment portfolios internationally, yet New Zealand advisers are lagging in both adoption and education. "If you'd invested just $10 per day in Bitcoin over the past 10 years, you'd have spent $36,500 and accumulated roughly 14.5 BTC. Today, that would be worth around $2.8 million, a 76x return. That kind of performance deserves consideration, even as a small part of a retirement portfolio." Titman contrasted the Bitcoin returns to the typical balanced KiwiSaver fund, which he said had returned around 6% to 7% per annum over the past decade. This would have turned a NZD $36,500 investment into approximately NZD $65,000 to NZD $70,000 today. Titman noted that digital asset adoption among high-net-worth families has been more rapid, suggesting this group recognises the potential benefits of digital assets as part of long-term investment strategies. "It's a clear example of the opportunity cost facing retirement savers when portfolios remain too narrow. "Diversification into digital assets, even at a small allocation, could dramatically shift long-term outcomes for many Kiwis," he says. Official figures from the Financial Markets Authority show that KiwiSaver balances rose by 19.3% in the last year, taking the average member balance to NZD $33,514. Despite this, only two of the existing KiwiSaver schemes currently offer any exposure to digital assets. Titman pointed to international trends, such as reported moves in the United States to broaden permitted 401(k) retirement plan investments to include digital assets, as evidence that the retirement market is evolving. While these changes have provoked mixed reactions within traditional finance circles, Titman feels they indicate a global reassessment of retirement fund structures and the returns expected by investors. "Regardless of political stance, what we're seeing globally is recognition that younger generations want more control, choice and exposure to higher-performing asset classes. The question is whether New Zealand's system will evolve fast enough to meet that demand," he says. He emphasised that the aim is not to take excessive risks with retirement savings, but to modernise portfolio construction. "We're not talking about putting someone's retirement on the line. We're talking about disciplined allocation, say 3% to 5%, to a high-growth, emerging asset class that has already demonstrated long-term return potential. It's about optimising performance, not taking unnecessary risk," he says. According to Titman, increased investment in digital assets could also have wider economic benefits, potentially supporting local market development, job creation, and expanding the tax base. "It's a sector that is expanding, and investor engagement with it is already occurring outside of traditional channels," says Titman. Swyftx's research also examined the effect of early and consistent exposure to digital assets for long-term savers. Titman believed that such allocations can have significant cumulative effects over decades. "If a young investor allocated just 5% of their KiwiSaver contributions into Bitcoin when they enter the workforce, the compounding impact over decades, particularly with historically high long-term returns, could significantly accelerate the path to retirement for some individuals. "While not all investors would become millionaires, the data suggests that financial outcomes could improve substantially when higher-growth assets are appropriately integrated," he says. Titman identified a significant need to upskill the adviser community on emerging assets and said Swyftx has developed a digital asset education platform for financial advisers, including portfolio construction guidance and international case studies. Swyftx's user data indicates that 72% of its more than 300,000 New Zealand clients on its Easy Crypto platform are aged between 25 and 45. This demographic is consistent with the core KiwiSaver participant group, and many are already investing in digital assets outside of KiwiSaver. With KiwiSaver entering its 17th year, Titman argued that a broader discussion is needed around modernising the system for future generations. "We know that the current financial education gap in New Zealand is significant, however, when advisers are equipped with evidence-based tools and global context, they're far more confident having conversations about diversification that includes digital assets. "Adoption from retail investors is already moving rapidly. Our research shows over 700,000 Kiwis or 14% are engaging with digital assets independently, which points to a need for the sector to catch up, particularly as more of these investors expect personalised, forward-thinking retirement advice. "Better-informed advisers are better placed to help their clients navigate emerging options. The role of the adviser is not to speculate, but to build robust, evidence-based portfolios that reflect clients' long-term goals," he says.
RNZ News
a day ago
- RNZ News
Complaints against early childhood education advocacy group filed with commerce commission
An organisation representing early childhood centre owners and managers has filed a complaint with the commerce commission about a sector advocacy group called the 'Office of Early Childhood Education'. Alexa Cook reports. Tags: To embed this content on your own webpage, cut and paste the following: See terms of use.
