3 days ago
Banking Association on consumer credit changes
money economy about 1 hour ago
Earlier this week Nine to Noon touched on changes to legislation governing consumer credit. Kathryn spoke to Scott Russell, who's the lawyer leading a class action against two of New Zealand's biggest banks - ASB and ANZ - over disclosure breaches made between 2015 and 2019. He has concerns that a bill to amend the Credit Contracts and Consumer Finance Act would apply retrospectively, and has the potential to impact the legal action that's been underway since 2021. Currently lenders have to refund all fees and interest charged if they were in breach of disclosure laws; what's proposed would see the courts decide what is 'just' and 'equitable' in any breach. The New Zealand Bankers' Association has welcomed the amendment Bill, saying it tidies up the existing legislation to ensure that all breaches are treated the same as those currently. The Association's Roger Beaumont made a submission on the Bill yesterday to the Finance and Expenditure Select Committee and joins Kathryn.
