Simpson Grierson's Banking and Finance Group publishes articles providing insight into recent banking and finance issues.
Non-Bank Sector Regulation Oct 2007 As part of the Government's review of the Regulation of Financial Products and Providers, and with the backdrop of the continuing maelstrom around the beleaguered finance company sector, Cabinet has made some major policy decisions on regulating non-bank deposit takers. Andrew Harkness and Peter Eady examine the Cabinet Paper released on 12 September for implications. > Read More> View PDF
The Commerce Commission took on a new role in 2005: enforcing the Credit Contracts and Consumer Finance Act 2003 (the CCCFA or Act). The Commission has taken this new role seriously and, particularly over the last 12 months, has taken numerous enforcement actions against those who have contravened the Act. The Commission has concluded at least two prosecutions against companies who have committed offences under the Act, has entered into settlements with at least four others, and has obtained fines, and refunds to customers, ranging between $50,000 and $790,000. This FYI takes a snapshot of where the Commission is headed two years into its role of enforcing the CCCFA. > Read More> View PDF
Gaming Machines - Are you at risk of losing your gaming machines? Feb 2007 Many people have heard of the Personal Property Securities Act 1999 (PPSA), but few people realise the full extent of its reach. Charity gaming societies are amongst those who may believe themselves to be unaffected, and yet face serious, but avoidable, risk of losing their gaming machines when a venue operator becomes insolvent. > Read More> View PDF
Final Report of the Task Force on Financial Intermediaries Sep 2005 In early August 2005, the government appointed Task Force established to consider the regulation of financial intermediaries released its final report (“Report”). The Report recommends to the Minister of Commerce a package of measures designed to increase consumer confidence in financial intermediaries. This FYI summarises its recommendations and the likely shape of legislation in this area. > View PDF
An Updated Framework for Consumer Credit: Time to Review your Documents Dec 2003 The recently enacted Credit Contracts and Consumer Finance Act 2003(the "Act") introduces a modified regulatory regime for credit contracts, and replaces the Credit Contracts Act 1981 (the "Credit Contracts Act") and the Hire Purchase Act 197.
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