Latest news with #FinancialMarketsConductAmendmentBill
Scoop
21-05-2025
- Business
- Scoop
Have Your Say On Credit Contracts And Consumer Finance Amendment Bill
Press Release – The Finance and Expenditure Committee 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.
Scoop
21-05-2025
- Business
- Scoop
Have Your Say On Credit Contracts And Consumer Finance Amendment Bill
Press Release – The Finance and Expenditure Committee 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. Make a submission on the bill by 11.59pm on Monday, 23 June 2025.
Scoop
21-05-2025
- Business
- Scoop
Have Your Say On Financial Markets Conduct Amendment Bill
Press Release – The Finance and Expenditure Committee 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 Financial Markets Conduct 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 Credit Contracts and Consumer Finance Amendment Bill. Please take care to upload your submission on the relevant bill. The bill would: change minimum requirements for fair conduct programmes to allow for more flexibility and to reduce unnecessary prescription and compliance costs require the Financial Markets Authority (FMA) to issue a single licence covering different classes of market services change provisions that require firms holding a licence under the Financial Markets Conduct Act, or authorised bodies, to obtain regulatory approval from the FMA before certain changes in firms take effect introduce on-site inspection powers for the FMA to, without notice, enter and remain at a place of business of a financial markets participant for compliance monitoring purpose make a number of other technical amendments. Make a submission on the bill by 11.59pm on Monday, 23 June 2025.
Scoop
21-05-2025
- Business
- Scoop
Have Your Say On Financial Service Providers (Registration And Dispute Resolution) Amendment Bill
Press Release – The Finance and Expenditure Committee Financial dispute resolution is a free way for consumers to resolve disputes with their bank, insurer, KiwiSaver provider, or other financial service provider. The Finance and Expenditure Committee is calling for submissions on the Financial Service Providers (Registration and Dispute Resolution) 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 Credit Contracts and Consumer Finance Amendment Bill and the Financial Markets Conduct Amendment Bill. Please take care to upload your submission on the relevant bill. Financial dispute resolution is a free way for consumers to resolve disputes with their bank, insurer, KiwiSaver provider, or other financial service provider. This bill would make two changes to financial dispute resolution. The changes aim to ensure: improved oversight of approved dispute resolution scheme performance, by requiring the responsible Minister to decide how the schemes must undertake their independent reviews effective and impartial governance of the schemes' boards, by providing for a regulation-making power that can be used to set skills, experience, and independence requirements of board members. Make a submission on the bill by 11.59pm on Monday, 23 June 2025.
Scoop
21-05-2025
- Business
- Scoop
Have Your Say On Credit Contracts And Consumer Finance Amendment Bill
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.
