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MED News
All News
10 April 2014

Craig Foss | Consumer Affairs

A Bill that overhauls consumer credit laws to ensure that the interests of consumers are protected has passed its second reading in Parliament today says Consumer Affairs Minister Craig Foss. “The Credit Contracts and Financial Services Law Reform Bill will require lenders to act responsibly and ensure consumers are given all the information they need to make sound borrowing decisions,” says Mr Foss. ...

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9 April 2014

Craig Foss | Commerce

Commerce Minister Craig Foss today announced the appointment of Sarah-Jane Weir to the Copyright Tribunal for a term of three years. “The breadth of Ms Weir’s expertise in a range of areas, particularly technology and telecommunications will make her an asset to the Tribunal,” says Mr Foss. Ms Weir will join Professor Susy Frankel (chairperson), Paul Sumpter, Peter Dengate-Thrush, Jane Glover and Sarah Bacon as the current Tribunal members. ...

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31 March 2014

Craig Foss | Commerce

Commerce Minister Craig Foss is welcoming a new era for New Zealand’s financial markets as the Financial Markets Conduct Act comes into force today. The once-in-a-generation reforms make up an integral part of the Government’s Business Growth Agenda to restore confidence in our financial markets. ...

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27 March 2014

Craig Foss | Commerce

Commerce Minister Craig Foss today announced the selection of nine KiwiSaver default providers for a seven year term starting 1 July 2014. AMP, ANZ, ASB, BNZ, Grosvenor, KiwiBank, Mercer, Fisher Funds and Westpac have been appointed. The selections follow a Request for Proposal process that began last year. The tenders were assessed by an independent panel according to a range of criteria including the provider’s organisational and investment capabilities and fee levels. ...

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26 March 2014

Craig Foss | Commerce

Commerce Minister Craig Foss today announced a revised Code of Professional Conduct for Authorised Financial Advisers, which will come into force on 1 May 2014. “The Code which has been developed in consultation with New Zealand financial advisers will continue to restore confidence in the professionalism and integrity of the industry. Improving confidence in our financial markets is part of the Government’s Business Growth Agenda,” says Mr Foss. The code sets out new standards and requirements for Authorised Financial Advisers in the following areas: ...

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19 March 2014

Amy Adams | Communications and Information Technology

Communications and Information Technology Minister Amy Adams has welcomed the introduction of a code of practice to improve the transparency of broadband product information for consumers. The code has been developed by the Telecommunications Forum (TCF) in response to a request from Ms Adams that improvements be made to make broadband offerings easier to understand and compare. “Consumers can now see the same basic set of information about competing broadband plans being offered by the main telecommunications companies,” Ms Adams says. ...

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19 March 2014

Amy Adams | Communications and Information Technology

Households can now stop getting phone books delivered, following Government approval for a new opt-out system, Communications and Information Technology Minister and Environment Minister Amy Adams has announced. Ms Adams has told Yellow, the company which puts together the phone books, it can offer households the ability to opt out of receiving a phone book from 2015. “In an increasingly digital age, it makes sense to offer people a choice about whether they still want to receive a printed phone book,” Ms Adams says. ...

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17 March 2014

Craig Foss | Consumer Affairs

Commerce Minister Craig Foss has welcomed the Commerce Select Committee report on a Bill that will crack-down on unscrupulous lenders who leave borrowers and their families in a spiral of uncontrolled debt. “Proposed changes under the Credit Contracts and Financial Services Reform Bill will help to increase confidence in the role consumer credit plays in our financial markets, which is a major component of the Government’s Business Growth Agenda,” says Mr Foss. ...

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13 March 2014

Craig Foss | Consumer Affairs

Consumer Affairs Minister Craig Foss and Pacific Island Affairs Minister, Peseta Sam Lotu-Iiga welcomed the launch of the 2014 Talanoa campaign. Talanoa encourages Pacific communities to ask for help and seek redress when they have problems with loans. “One of the main aims of the campaign is to help Pacific communities to be more proactive when lodging complaints if things go wrong when borrowing money,” says Mr Foss. ...

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12 March 2014

Craig Foss | Commerce

Commerce Minister Craig Foss and Revenue Minister Todd McClay today announced that the Financial Reporting Act, which changes financial reporting obligations for most companies, comes into effect on1 April 2014. “Now is the time for small and medium-sized companies to make sure they understand how the changes affect their financial reporting obligations,” says Mr Foss. ...

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