Government acts to streamline financial compliance rules

Commerce and Consumer Affairs Minister Scott Simpson. (Image: Hagen Hopkins)

Tue, 08 Apr 2025

The courts will gain retrospective discretion for lenders that failed to disclose certain information to consumers under a package of finance reforms.Commerce and Consumer Affairs Minister Scott Simpson announced on April 8 the introduction of three bills into Parliament that aim to free up access to finance.The Credit Contracts and Consumer Finance Amendment Bill primarily transfers the regulatory responsibility for consumer credit from the Commerce Commission to the Financial Markets Authority (FMA). It also enables the courts to de...

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