Latest news with #ScottSimpson
NZ Herald
4 days ago
- Business
- NZ Herald
ANZ dismisses $300m legal settlement offer as a ‘cynical' attempt to influence law reform
'This is a very new development and we're not in a position to comment at this stage,' it said. ASB has already paid 73,000 customers $8m to rectify the disclosure mistakes it made. The $600m offer comes as the Government proposes a law change that could make it harder for the customers (and the funders of the class action) to receive very large amounts in redress. The Government wants to change the law to give the courts discretion to issue lenders fair penalties if they fail to give customers the correct information about their loans. Under the existing law, lenders that made errors between 2015 and 2019 may have to refund customers all the interest and other fees they paid for the duration of the breach, regardless of how severe it was. The proposed change is controversial because it applies to the past. The Credit Contracts and Consumer Finance Amendment Bill attempts to ensure the law pre-2019 aligns with the law post-2019. Another contentious element of the bill, introduced by Commerce and Consumer Affairs Minister Scott Simpson, is that it specifically says it will apply to the ANZ/ASB case. NZ First and Act have their reservations While New Zealand First and Act supported the bill through its first reading in Parliament on May 20, neither party is particularly hot on it. NZ First deputy leader Shane Jones said his party would take advice before deciding whether to support the bill being passed into law in its current state. 'I wouldn't want to jump to any conclusion, but it's a very, very bad constitutional practice to summarily change people's rights unless there is a compelling case,' Jones said. Act leader David Seymour said his party supported the bill because it is a part of the Coalition Government. However, he wrote to Simpson (after Act supported the bill through its first reading) to raise his concerns over it applying retrospectively and targeting a matter before the courts. 'Who knows, maybe Scott [Simpson] will change his mind in response to this,' Seymour said. Parliament's Finance and Expenditure committee is considering public submissions on the bill. The bill will then need to pass its second and third readings before being enacted. Jenée Tibshraeny is the Herald's Wellington business editor, based in the parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking.
RNZ News
10-07-2025
- Business
- RNZ News
New government 'alliance' formed to combat online scammers
The new structure will help "seal up the cracks that scammers are slipping through". Photo: 123rf The coalition government is promising a crackdown on financial con-artists, bringing together agencies, industry and consumer groups to shut down online scams. As part of the new 'Anti-Scam Alliance', officials would work with police, major banks, telcos and digital platforms to increase data and intelligence sharing. Commerce and Consumer Affairs Minister Scott Simpson said more information would be shared in real-time, allowing a quicker response to threats. "Up until this point, New Zealand's anti-scam efforts have developed in an ad hoc way and suffered from a lack of coordination," Simpson said. "We frequently hear that real-time information on scams is sourced from different areas across government and the private sector, making for a fragmented and often slow response." Simpson said the new formalised structure would help "seal up the cracks that scammers are slipping through". As well, participants committed to rolling out public education campaigns and training programmes, and to set up or update sector guidelines. Work on the plan would continue for the next six months, before rollout early next year. Simpson said he was also considering legislative changes - including amendments to the Fair Trading Act - to allow for more pro-active intelligence sharing and collaboration, without breaching privacy or competition laws. "There is no silver bullet to address scams, but by working together across sectors to disrupt scams, we can significantly shift the dial." The alliance includes: Banking Association chief executive Roger Beaumont said the announcement was a step in the right direction towards a co-ordinated multi-sector approach. "Banks cannot fight scams alone," he said. "Scams typically start when people are deceived by fake websites and search engine results, fake emails, texts, social media ads and chats, and phone calls, so there's a role for telcos, social media companies and global tech platforms to help stop them in the first place." Beaumont said banks had significantly stepped up their scam prevention efforts, including through the rollout of a new confirmation-of-payee service. He said the Code of Banking Practice would also be updated this year, with a commitment to provide pre-transaction warnings for certain payments, identify high-risk transactions, provide a 24/7 scam reporting channel and share information about accounts used by criminals with other banks. "Where banks fail to meet those commitments, they will compensate all or part of the loss for eligible customers," Beaumont said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
10-07-2025
- Business
- Scoop
New Zealand Launches Anti-Scam Alliance
Hon Scott Simpson Minister of Commerce and Consumer Affairs Important progress in the fight against online financial scams has been made with the launch of a new initiative between government, industry and consumer groups, Commerce and Consumer Affairs Minister Scott Simpson says. 'It is unacceptable that so many Kiwis are swindled by scammers every day,' Mr Simpson says. 'Some reports suggest scams cost the economy up to $2 billion annually, and it is crucial we get on top of the problem. 'That is why I'm pleased to announce the NewZealand Anti-Scam Alliance – a new national effort that seeks to reduce the number of Kiwis falling victim to online financial scams. 'Up until this point New Zealand's anti-scam efforts have developed in an ad-hoc way and suffered from a lack of coordination. We frequently hear that real-time information on scams is sourced from different areas across government and the private sector, making for a fragmented, and often, slow response. 'The Alliance addresses this by establishing a formal structure for government agencies, banks, telecommunications companies, digital platforms sectors, and consumer groups to share data about scams and shut them down in real-time. 'By better coordinating our efforts across industry and government, we should be able to seal up the cracks that scammers are slipping through. 'The Alliance has also agreed to take coordinated action to update industry codes, strengthen consumer protections and educate Kiwis about how to protect themselves from scams. 'The Anti Scam Alliance represents a significant step forward and is the first in a series of actions that will strengthen New Zealand's scam defences. However, there is more work to do. 'The Government is also exploring other initiatives to support this work, including amending the Fair Trading Act so that government and industry can have the confidence to proactively share scam-related intelligence and collaborate on disruption initiatives without breaching competition or privacy laws. 'There is no silver bullet to address scams, but by working together across sectors to disrupt scams, we can significantly shift the dial.'
Scoop
26-06-2025
- Business
- Scoop
FSF Turns 60, Minister Acknowledges Invaluable Work As Voice Of The Specialist Lenders
Press Release – Financial Services Federation In his address, Minister Simpson thanked the FSF for its commitment to the sector. He also spoke of the Government's policy reforms towards a more streamlined financial services regulatory environment, commending the FSF on its valuable input into the … The Financial Services Federation (FSF) has commemorated 60 years driving New Zealand's economy forward as the industry body for specialist lenders and fleet leasing providers. The milestone was marked with a celebration at Parliament this week attended by members and esteemed guests including Commerce and Consumer Affairs Minister Scott Simpson and Financial Markets Authority Chief Executive Samantha Barrass. The event highlighted the evolution of the FSF, from its inception in 1965 as the NZ Finance Houses Association with 10 members — to what is now a thriving, $20 billion industry serving more than 1.7 million New Zealander consumers and businesses. 'Specialist lenders are no longer on the periphery,' Executive Director Lyn McMorran said. 'The membership today spans 100 consumer and commercial lenders, non-bank deposit takers, fleet leasing firms, credit unions and building societies, insurers, and credit reporting agencies – all unified by their role in enabling financial access and injecting competition into a market long dominated by large, registered banks. 'From vans powering small Kiwi businesses to large commercial fleets servicing the primary sector and national infrastructure, our members give businesses the tools to grow, to keep New Zealand moving, and provide the flexible finance options that consumers increasingly rely on.' In his address, Minister Simpson thanked the FSF for its commitment to the sector. He also spoke of the Government's policy reforms towards a more streamlined financial services regulatory environment, commending the FSF on its valuable input into the consultation process. Don Atkinson, CEO of UDC Finance (FSF's founding member organisation in 1965) commended the FSF on its dedication to members. 'Through education, advocacy, and high standards of conduct, the Federation has lifted the bar for our industry and given us a unified voice and a seat at the table which has proved especially valuable with the regulatory upheaval of the last few years.' Atkinson spoke of what sets specialist lenders apart, and why the sector matters for New Zealand such as its ability to reach underserved communities, take risk, and drive innovation. 'From online working capital to buy-now-pay-later, insurance premium funding to the challenge of guaranteeing electric vehicle values – specialist lenders have consistently delivered first-to-market, transformative products.' The anniversary highlighted key milestones in FSF's history, including pivotal legislative reforms like the Credit Contracts Act and ongoing advocacy for proportional and common-sense regulatory frameworks. Challenges and opportunities were also acknowledged such as the 2008 Global Financial Crisis which caused 67 finance companies to fail – two of which were FSF members. This time of huge change for financial services emphasised FSF's ethos to only admit companies it truly believes are committed to responsible practices — an approach to membership that remains today. The event also recognised FSF's role in pioneering educational initiatives like the NZQA Level 5 Micro-Credential in Consumer Credit, aimed at raising industry standards and promoting professional development. 'In our journey from humble beginnings to today's vibrant sector, FSF has played a pivotal role in shaping New Zealand's financial landscape,' concluded Lyn McMorran. 'We're committed to leading the charge to ensure that New Zealanders have access to diverse and practical financial solutions that meet their evolving needs, and contributing to a financial ecosystem that fosters growth and opportunity.' About the Financial Services Federation: The (FSF) is the non-profit industry association for specialist financial services providers who are not registered banks. Its members collectively reach 1.7million New Zealanders, and support both businesses and consumers across the country with competitive and innovative options from traditional finance providers. FSF's 99 members include finance, leasing and credit-related insurance providers, and include the likes of Turners, UDC, MTF, several credit unions and building societies, and the finance arms of global motor vehicle brands including Toyota, Nissan, Honda, BMW, and Mercedes-Benz (see the full member list here). With 60 years of history, FSF has stringent membership criteria and enforces a Code of Conduct to maintain high standards in responsible non-bank lending. FSF members prioritise compliance, support consumer protection enforcement, and advocate for balanced regulations that ensure New Zealanders have access to responsibly-provided credit.
Scoop
26-06-2025
- Automotive
- Scoop
FSF Turns 60, Minister Acknowledges Invaluable Work As Voice Of The Specialist Lenders
The Financial Services Federation (FSF) has commemorated 60 years driving New Zealand's economy forward as the industry body for specialist lenders and fleet leasing providers. The milestone was marked with a celebration at Parliament this week attended by members and esteemed guests including Commerce and Consumer Affairs Minister Scott Simpson and Financial Markets Authority Chief Executive Samantha Barrass. The event highlighted the evolution of the FSF, from its inception in 1965 as the NZ Finance Houses Association with 10 members — to what is now a thriving, $20 billion industry serving more than 1.7 million New Zealander consumers and businesses. "Specialist lenders are no longer on the periphery," Executive Director Lyn McMorran said. "The membership today spans 100 consumer and commercial lenders, non-bank deposit takers, fleet leasing firms, credit unions and building societies, insurers, and credit reporting agencies - all unified by their role in enabling financial access and injecting competition into a market long dominated by large, registered banks. "From vans powering small Kiwi businesses to large commercial fleets servicing the primary sector and national infrastructure, our members give businesses the tools to grow, to keep New Zealand moving, and provide the flexible finance options that consumers increasingly rely on." In his address, Minister Simpson thanked the FSF for its commitment to the sector. He also spoke of the Government's policy reforms towards a more streamlined financial services regulatory environment, commending the FSF on its valuable input into the consultation process. Don Atkinson, CEO of UDC Finance (FSF's founding member organisation in 1965) commended the FSF on its dedication to members. "Through education, advocacy, and high standards of conduct, the Federation has lifted the bar for our industry and given us a unified voice and a seat at the table which has proved especially valuable with the regulatory upheaval of the last few years." Atkinson spoke of what sets specialist lenders apart, and why the sector matters for New Zealand such as its ability to reach underserved communities, take risk, and drive innovation. "From online working capital to buy-now-pay-later, insurance premium funding to the challenge of guaranteeing electric vehicle values - specialist lenders have consistently delivered first-to-market, transformative products.' The anniversary highlighted key milestones in FSF's history, including pivotal legislative reforms like the Credit Contracts Act and ongoing advocacy for proportional and common-sense regulatory frameworks. Challenges and opportunities were also acknowledged such as the 2008 Global Financial Crisis which caused 67 finance companies to fail - two of which were FSF members. This time of huge change for financial services emphasised FSF's ethos to only admit companies it truly believes are committed to responsible practices — an approach to membership that remains today. The event also recognised FSF's role in pioneering educational initiatives like the NZQA Level 5 Micro-Credential in Consumer Credit, aimed at raising industry standards and promoting professional development. "In our journey from humble beginnings to today's vibrant sector, FSF has played a pivotal role in shaping New Zealand's financial landscape," concluded Lyn McMorran. "We're committed to leading the charge to ensure that New Zealanders have access to diverse and practical financial solutions that meet their evolving needs, and contributing to a financial ecosystem that fosters growth and opportunity." About the Financial Services Federation: The (FSF) is the non-profit industry association for specialist financial services providers who are not registered banks. Its members collectively reach 1.7million New Zealanders, and support both businesses and consumers across the country with competitive and innovative options from traditional finance providers. FSF's 99 members include finance, leasing and credit-related insurance providers, and include the likes of Turners, UDC, MTF, several credit unions and building societies, and the finance arms of global motor vehicle brands including Toyota, Nissan, Honda, BMW, and Mercedes-Benz (see the full member list here). With 60 years of history, FSF has stringent membership criteria and enforces a Code of Conduct to maintain high standards in responsible non-bank lending. FSF members prioritise compliance, support consumer protection enforcement, and advocate for balanced regulations that ensure New Zealanders have access to responsibly-provided credit.
