Latest news with #CommerceandConsumerAffairs
Scoop
21-05-2025
- Business
- Scoop
Commonsense Financial Reforms Underway
Press Release – New Zealand Government Our Government is delivering on its promise to make it easier for New Zealanders to access the financial services they need, whether its buying a home, growing a business, or simply managing everyday life, says Mr Simpson. Hon Scott Simpson Minister of Commerce and Consumer Affairs Last night the Government took a major step toward restoring common sense to financial regulation, with the first readings of three important reform bills, says Commerce and Consumer Affairs Minister Scott Simpson. 'Our Government is delivering on its promise to make it easier for New Zealanders to access the financial services they need, whether it's buying a home, growing a business, or simply managing everyday life,' says Mr Simpson. 'For too long, New Zealanders have been trapped by rules that are overly bureaucratic, unnecessarily repetitive, and sometimes just downright silly. Today, we've begun to fix that.' The Credit Contracts and Consumer Finance Amendment Bill, the Financial Markets Conduct Amendment Bill, and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill are the first legislative steps in a broader package aimed at rewiring New Zealand's financial services regulation. Together, they form part of a comprehensive overhaul that will rebalance the system to ensure consumer protection without stifling access to credit or innovation. 'For many Kiwis, the absurdity of past rules became clear when banks were forced to quiz them about what they'd been spending on takeaways or Netflix subscriptions before approving a mortgage. That wasn't responsible lending, it was regulatory overreach.' These three bills focus on addressing some of the most counterproductive aspects of the current law: Regulators empowered to take proactive action: The Financial Markets Authority will be given the tools needed to effectively oversee lending, banking and insurance markets to the benefit of consumers. Removing unnecessary personal liability: Senior managers and directors will no longer face personal liability for compliance failures. Responsibility will sit with the businesses, where it belongs. Streamlining licensing requirements: Financial service providers will no longer need to hold multiple overlapping conduct licences, reducing duplication and compliance costs across the sector. Improving dispute resolution services: The Bill strengthens oversight and independent governance of financial dispute resolution schemes, ensuring Kiwis can have confidence in fair, effective support when things go wrong. A fairer and more proportionate approach to non-disclosures: Another change, which will apply retrospectively for the period between 2015 and 2019, will enable the courts to apply greater discretion when a lender has failed to disclose certain information to consumers. 'These changes are pro-consumer, pro-competition, and pro-growth. They ensure that financial institutions are held to account without being tied up in needless red tape that drives up costs for everyone.' The reform package delivers on a core part of the National-ACT coalition agreement to rewrite the Credit Contracts and Consumer Finance Act 2003. 'These changes are about enabling our economy to flourish. Financial regulation should protect people, not block their ambitions. This progress means we're one step closer to a more dynamic, fair, and accessible financial system for all.'
Scoop
20-05-2025
- Business
- Scoop
Commonsense Financial Reforms Underway
Last night the Government took a major step toward restoring common sense to financial regulation, with the first readings of three important reform bills, says Commerce and Consumer Affairs Minister Scott Simpson. 'Our Government is delivering on its promise to make it easier for New Zealanders to access the financial services they need, whether it's buying a home, growing a business, or simply managing everyday life,' says Mr Simpson. 'For too long, New Zealanders have been trapped by rules that are overly bureaucratic, unnecessarily repetitive, and sometimes just downright silly. Today, we've begun to fix that.' The Credit Contracts and Consumer Finance Amendment Bill, the Financial Markets Conduct Amendment Bill, and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill are the first legislative steps in a broader package aimed at rewiring New Zealand's financial services regulation. Together, they form part of a comprehensive overhaul that will rebalance the system to ensure consumer protection without stifling access to credit or innovation. 'For many Kiwis, the absurdity of past rules became clear when banks were forced to quiz them about what they'd been spending on takeaways or Netflix subscriptions before approving a mortgage. That wasn't responsible lending, it was regulatory overreach.' These three bills focus on addressing some of the most counterproductive aspects of the current law: Regulators empowered to take proactive action: The Financial Markets Authority will be given the tools needed to effectively oversee lending, banking and insurance markets to the benefit of consumers. Removing unnecessary personal liability: Senior managers and directors will no longer face personal liability for compliance failures. Responsibility will sit with the businesses, where it belongs. Streamlining licensing requirements: Financial service providers will no longer need to hold multiple overlapping conduct licences, reducing duplication and compliance costs across the sector. Improving dispute resolution services: The Bill strengthens oversight and independent governance of financial dispute resolution schemes, ensuring Kiwis can have confidence in fair, effective support when things go wrong. A fairer and more proportionate approach to non-disclosures: Another change, which will apply retrospectively for the period between 2015 and 2019, will enable the courts to apply greater discretion when a lender has failed to disclose certain information to consumers. 'These changes are pro-consumer, pro-competition, and pro-growth. They ensure that financial institutions are held to account without being tied up in needless red tape that drives up costs for everyone.' The reform package delivers on a core part of the National-ACT coalition agreement to rewrite the Credit Contracts and Consumer Finance Act 2003. 'These changes are about enabling our economy to flourish. Financial regulation should protect people, not block their ambitions. This progress means we're one step closer to a more dynamic, fair, and accessible financial system for all.'
Scoop
30-04-2025
- Business
- Scoop
Better Banking Competition One Step Closer For Kiwis
The Government is moving swiftly to ensure Kiwis will be able to benefit from open banking by Christmas this year, says Commerce and Consumer Affairs Minister Scott Simpson. 'Recently our Government passed the Customer and Product Data Act – one of the items in our Quarter 1 Action Plan to improve competition in banking, energy, and other key sectors that touch the daily lives of Kiwis. 'I'm pleased to announce that Cabinet has now agreed to designate banking as the first sector under the Act. This sets out the rules for how open banking will work in practice in New Zealand.' Open banking allows third parties such as fintech (financial technology) companies to access data held by banks on behalf of a customer, with the customer'sj consent. Fintechs use that data to develop innovative products and services that traditional banks might not offer, such as faster payments, speedier mortgage comparisons, and money-saving apps. 'The big four banks – ANZ, ASB, BNZ, and Westpac – will need to make sure their open banking systems meet the new requirements by 1 December. Kiwibank will need to be ready by June 2026. 'Our Government is absolutely committed to boosting competition in the banking sector to provide greater choice and lower costs to Kiwis, and that's why we've acted promptly to bring open banking another crucial step closer to reality. We are leaving no stone unturned to boost competition across our economy, and I expect the banks to be fully prepared so their customers can take advantage of open banking from day one. 'Designating the banking sector is necessary to speed up the uptake of open banking in New Zealand. It will ensure the major banks are not creating unnecessary barriers for fintechs and smaller players. 'There are many examples overseas of open banking in action, and I can't wait to see similar success stories in New Zealand. For example in Australia, open banking has helped speed up home loan applications as customers can share their banking data with brokers much faster than before. 'I've also seen innovative apps that help consumers find and cancel forgotten or unwanted subscription services, which would otherwise be quietly siphoning their hard-earned money. 'I'm hoping this Christmas will be an extra joyous one for Kiwi consumers, with better competition among our banks and greater choice on the horizon.'
Scoop
30-04-2025
- Business
- Scoop
Transforming Financial Education In Schools
Press Release – New Zealand Government Embedding essential skills into the curriculum will ensure our young people are better prepared to make informed financial decisions in a complex financial world. This will positively impact their lives and the broader economy, says Minister … Minister of Education Hon Scott Simpson Minister of Commerce and Consumer Affairs Financial education will be embedded as a core element of the refreshed social sciences curriculum for Year 1-10 students, set to be available for use from 2026, Education Minister Erica Stanford announced today. 'Embedding essential skills into the curriculum will ensure our young people are better prepared to make informed financial decisions in a complex financial world. This will positively impact their lives and the broader economy,' says Minister Stanford. For younger students the curriculum will cover key financial skills, such as identifying needs versus wants, having a bank account, earning, spending and saving. Older students will gain the knowledge needed to understand more complex concepts, such as budgeting, investment, interest, taxes, and insurance to help to build lifelong financial skills. We have already included financial maths in the new maths curriculum, which is being delivered this year. To support the implementation of financial education in the new curriculum, a variety of tools and resources, developed in collaboration with financial organisations, banks, and charitable trusts, will be available to schools, ensuring they can effectively deliver the curriculum. A new partnership between the Ministry of Education and the Retirement Commission will map the offerings from financial education providers against the updated curriculum. The Retirement Commission's work with providers will ensure consistent curriculum-aligned supports and resources, giving schools confidence in their delivery. This resource map will be extended into senior secondary years with guidance and resources for Year 11-13 students, supporting schools to flexibly deliver ongoing financial education to their students. 'As the Minister responsible for the Retirement Commission, I absolutely believe that strengthening financial education is crucial to our Government's focus on economic growth. We are all consumers, and financial literacy can set young Kiwis up to be savvy consumers – whether it's knowing how to invest wisely, choose the best loan at a bank, or even identify a scam,' Commerce and Consumer Affairs Minister Scott Simpson says. 'We know that New Zealand parents have long called for financial education to be a priority. This curriculum update answers those calls, ensuring students are equipped with the knowledge to thrive in both personal and financial aspects of their lives,' says Minister Stanford. This initiative marks a significant step forward in New Zealand's education system, placing a strong emphasis on real-world skills that will empower students to take control of their financial futures. Note: Providers working with the Retirement Commission include: • Sorted in Schools (Retirement Commission) • Banqer • MoneyTime • Life Education • Young Enterprise Trust • Savvy • Westpac • ASB • Kiwi bank • BNZ A draft of the updated social sciences learning area will be available in Term 4, 2025 for feedback. An updated version will be available for schools to use in 2026, and is planned to be required from 2027.
Scoop
30-04-2025
- Business
- Scoop
Transforming Financial Education In Schools
Press Release – New Zealand Government Embedding essential skills into the curriculum will ensure our young people are better prepared to make informed financial decisions in a complex financial world. This will positively impact their lives and the broader economy, says Minister … Minister of Education Hon Scott Simpson Minister of Commerce and Consumer Affairs Financial education will be embedded as a core element of the refreshed social sciences curriculum for Year 1-10 students, set to be available for use from 2026, Education Minister Erica Stanford announced today. 'Embedding essential skills into the curriculum will ensure our young people are better prepared to make informed financial decisions in a complex financial world. This will positively impact their lives and the broader economy,' says Minister Stanford. For younger students the curriculum will cover key financial skills, such as identifying needs versus wants, having a bank account, earning, spending and saving. Older students will gain the knowledge needed to understand more complex concepts, such as budgeting, investment, interest, taxes, and insurance to help to build lifelong financial skills. We have already included financial maths in the new maths curriculum, which is being delivered this year. To support the implementation of financial education in the new curriculum, a variety of tools and resources, developed in collaboration with financial organisations, banks, and charitable trusts, will be available to schools, ensuring they can effectively deliver the curriculum. A new partnership between the Ministry of Education and the Retirement Commission will map the offerings from financial education providers against the updated curriculum. The Retirement Commission's work with providers will ensure consistent curriculum-aligned supports and resources, giving schools confidence in their delivery. This resource map will be extended into senior secondary years with guidance and resources for Year 11-13 students, supporting schools to flexibly deliver ongoing financial education to their students. 'As the Minister responsible for the Retirement Commission, I absolutely believe that strengthening financial education is crucial to our Government's focus on economic growth. We are all consumers, and financial literacy can set young Kiwis up to be savvy consumers – whether it's knowing how to invest wisely, choose the best loan at a bank, or even identify a scam,' Commerce and Consumer Affairs Minister Scott Simpson says. 'We know that New Zealand parents have long called for financial education to be a priority. This curriculum update answers those calls, ensuring students are equipped with the knowledge to thrive in both personal and financial aspects of their lives,' says Minister Stanford. This initiative marks a significant step forward in New Zealand's education system, placing a strong emphasis on real-world skills that will empower students to take control of their financial futures. Note: Providers working with the Retirement Commission include: • Sorted in Schools (Retirement Commission) • Banqer • MoneyTime • Life Education • Young Enterprise Trust • Savvy • Westpac • ASB • Kiwi bank • BNZ A draft of the updated social sciences learning area will be available in Term 4, 2025 for feedback. An updated version will be available for schools to use in 2026, and is planned to be required from 2027.
