The Financial Markets (Conduct of Institutions) Amendment Bill - Major Development in Financial Consumer Protection in New Zealand

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Enforcement Issues: Working Towards a Fairer Consumer Credit Market: A Study of the Issues in New Zealand’s Consumer Credit Market and Proposals for Reform

This paper sets out how the law (being the law as at April 2019) relating to high-cost lending, is enforced. It identifies the current problems with enforcement that have been recognised in the policy papers to date, and outlines the reforms proposed in the 10 October 2018 reform package. It provides information on how consumer credit regulation is enforced in Australia and the UK, and makes note of the suggestions around enforcement made by the submitters to the Ministry of Business, Innovation & Employment (MBIE)’s June 2018 Discussion Paper “Review of Consumer Credit Regulation” (the June 2018 Discussion Paper). It makes a series of recommendations as to how to improve enforcement of the Credit Contracts and Consumer Finance Act 2003 (CCCFA) based on the research findings

New Zealand's Unfair Contract Terms Law Fails to Incentivise Businesses to Remove Potentially Unfair Terms from Standard Form Contracts

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Debt Collection: Working Towards a Fairer Consumer Credit Market: A Study of the Issues in New Zealand's Consumer Credit Market and Proposals for Reform

This report sets out the results of research by Victoria University of Wellington on certain key issues around debt collection in the context of lending under consumer credit contracts in New Zealand, as at date of writing (August 2019). The proposed changes to the law (in the October 2018 package of reforms and in the Credit Contracts Legislation Amendment Bill (CCLAB), introduced 11 April 2019) do not address the most concerning aspects of debt collection, which are issues with harassment and the costs of debt collection