Feature Article: Changes to Credit Reporting Afoot
Banks, finance companies, and the like may soon have access to more information about individuals. The Privacy Commissioner is looking at relaxing the current ban on positive credit reporting. It is also considering letting credit reporting agencies use driver licence information to check that they have the right individuals. Better credit reporting has privacy risks, but it may allow more informed decision making when loans are being sought. The closing date for submissions on the proposed changes is 13 August 2010...
FYI: Financial Services
The Government announced significant changes to the new financial advisers' regime at the end of April 2010. These changes address many concerns raised with the proposed regime. The regime is not now due to be fully implemented until 30 June 2011.
This FYI highlights the potential impact of the changes for the financial services industry.
Law Guides: Commerce Commission Investigations under the CCCFA
The Credit Contracts and Consumer Finance Act 2003 (CCCFA) is regulated and enforced by the Commerce Commission. This is a new role for the Commission and in its 2005/2006 Statement of Intent it identified the investigation of breaches of the CCCFA as a short term goal with a medium term goal being to use "… court actions to establish precedents which will be used to educate credit providers on their obligations".
In light of this, Simpson Grierson's banking and finance and competition law experts have collaborated to design this handbook to provide you with a brief overview of the purpose of the CCCFA, the role and powers of the Commerce Commission under that Act, and what you really need to know to survive a Commerce Commission investigation.
