Commerce and Consumer Affairs Minister Paul Goldsmith welcomes Consumer Rights Day, being kicked off today in Wellington with a public event to help consumers learn about their rights.

“The event brings together speakers from across the public and not-for-profit sectors to provide information on what protections are in place for consumers,” says Mr Goldsmith.

Speakers include the Commerce Commission, the Telecommunication Dispute Resolution scheme, the Disputes Tribunal, the Ombudsman, and the financial dispute resolution schemes.

Commerce and Consumer Affairs Minister Paul Goldsmith has today released an issues paper on retail payment systems for public consultation.

“Concerns have been expressed around the cost of credit card payment fees in New Zealand, particularly in comparison to Australia, and in the context of a decline in the use of EFTPOS,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith has welcomed World Standards Day being recognised today.

“World Standards Day provides the perfect opportunity to reflect on the benefits that standards bring to our everyday lives, the market economy, and to the smooth running of public affairs,” says Mr Goldsmith.

“Although we may not consciously think about it, every day standards and standardisation make a difference in all our lives.

Commerce and Consumer Affairs Minister Paul Goldsmith welcomes delegates from the OECD who are gathering in Auckland today, to participate in the Global Symposium on Financial Education.

“This is the first time New Zealand has hosted this bi-annual forum and it is a great opportunity to showcase the work we are doing in the area of financial capability,” says Mr Goldsmith.

This year’s programme also includes seminars on consumer protection, innovation strategy, and in particular the role of digital disruption in the banking sector.

The Financial Markets Authority’s (FMA) KiwiSaver Annual report, tabled in Parliament today, provides a comprehensive snapshot of KiwiSaver engagement says Minister for Commerce and Consumer Affairs Paul Goldsmith.

“The report shows growth in people using KiwiSaver to help save for their first home and a continued increase in KiwiSaver membership. For the first time, the number of New Zealanders transferring between schemes was higher than the total number of people joining.

Commerce and Consumer Affairs Minister Paul Goldsmith has today announced the appointment of Ainsley McLaren to the Financial Markets Authority (FMA) Board and the reappointment of Sir Bruce Robertson and Simon Hassan to the Disciplinary Committee under the Financial Advisers Act.

Ms McLaren has been appointed as a new member of the FMA Board for a five-year term.

The 2016 Commerce Commission Consumer Issues Report released today shows the impact of continued growth in online retail says Commerce and Consumer Affairs Minister Paul Goldsmith.

“The global market place is increasing competition and forcing retailers to be more innovative and creative in how they market their products to consumers,” says Mr Goldsmith.

The report notes that online sales now make up over 6% of retail spending.

“However online mediums are now responsible for 34 per cent of fair trading complaints to Commission.”

The government’s new first-stop-shop product recall website has been embraced by consumers says Commerce and Consumer Affairs Minister Paul Goldsmith.

“Since the site went live in March, 125 products have been recalled and over 28,000 people have used the site to search, subscribe and keep safe by knowing which products may pose a safety risk.

“Recalling unsafe products is an essential part of our product safety system but informing consumers of these recalls has posed quite a challenge in the past.

Commerce and Consumer Affairs Minister Paul Goldsmith today announced changes to the Code of Professional Conduct for Authorised Financial Advisers (AFAs).

“The Code Committee has worked with industry to provide further clarification for advisers around their scope of service.

“The changes aim to improve access to personalised advice, so that more New Zealanders can get advice that is tailored to their wants and needs.

Commerce and Consumer Affairs Minister Paul Goldsmith welcomes the beginning of Money Week 2016 as it kicks off today.

“The theme of Money Week this year is Show Me The Money, with the aim of focusing New Zealanders on planning for their futures and achieving financial goals.

“Following its launch in 2012, Money Week has become an important part of the financial capability landscape. It provides an opportunity for people to think about how they manage their money and help to shine a light on the state of personal finances.

Commerce and Consumer Affairs Minister Paul Goldsmith officially launched the redeveloped Consumer Protection website today at a forum in Wellington.

“The new website makes things easier for consumers,” says Mr Goldsmith.

“All New Zealanders can use this website to access straight-forward content about what needs to be done before, during and after purchasing a product or service.”

In the past financial year the Commerce Commission received 4,283 complaints under the Fair Trading Act.

Commerce and Consumer Affairs Minister Paul Goldsmith has welcomed the European Commission’s announcement to recognise and permit New Zealand regulated auditors to practice in the European Union.

“The Financial Markets Authority (FMA) has worked closely with the European Commission over the past two years,” says Mr Goldsmith.

“During this time their work has provided reassurance to the Commission that New Zealand’s auditors are among the most professional in the world and can operate across the European Union (EU).

Commerce and Consumer Affairs Minister Paul Goldsmith has today released part one of the review into insolvency law, which discusses and sets out recommendations on the regulation of insolvency practitioners and measures to address the harms of voluntary liquidations.

“I set up the Insolvency Working Group in November 2015 to conduct an in-depth look into a variety of insolvency law matters.

“This is the first of two reports the working group will publish and it has identified a number of areas where our corporate insolvency laws could be improved.

Commerce and Consumer Affairs Minister Paul Goldsmith has today called for people to use the drop in the Official Cash Rate (OCR) as a chance to review finances and savings and consider debt reduction.

“With the fall in the OCR and possible flow on to mortgage and deposit rates, it is an opportune time to make sure you are making the choices that are right for you. This includes whether or not to consolidate debt, or move around investments.

Commerce and Consumer Affairs Minister Paul Goldsmith is encouraging people to have their say on retirement savings and bankruptcy.

“Bankrupt persons’ retirement savings are currently given uneven treatment, meaning some bankrupts’ retirement savings are released to repay creditors while other bankrupts are allowed to retain their retirement savings,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith has called for submissions on the reviews of Financial Markets Authority (FMA) funding, the FMA levy, the External Reporting Board levy (XRB) and New Zealand Companies Office fees.

“The FMA requires sufficient funding to carry out its statutory responsibilities and maintain confidence in New Zealand’s financial markets,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith has announced three appointments to the Takeovers Panel, the regulator of the corporate takeovers market. The appointments will take effect on 1 October.

Andy Coupe, who is currently Deputy Chairperson, has been appointed Chairperson.

“Mr Coupe has made a valuable contribution to the Panel over the years with his commercial and capital markets background. The Panel’s work is highly regarded and I am confident this will continue under Mr Coupe’s leadership,” Mr Goldsmith says.

Commerce and Consumer Affairs Minister Paul Goldsmith has announced plans for changes to the Financial Advisers Act (FAA) and the Financial Service Providers Act (FSPA).

“The changes come after a comprehensive review, which will simplify regulation, enable advisers to have sensible conversations and encourage more people to seek high quality advice tailored to their needs.

Commerce and Consumer Affairs Minister Paul Goldsmith announced today the start of consultation on proposed regulations for the patent term extension provisions in the Trans-Pacific Partnership Agreement Amendment Bill.

The Bill contains amendments to New Zealand legislation required to implement our obligations under the Trans-Pacific Partnership Agreement. 

The proposed regulations relate to provisions in the Bill that will allow patent owners to request an extension of the patent term if there has been:

Commerce and Consumer Affairs Minister Paul Goldsmith today announced the start of consultation on proposed regulations that will enable wine and spirit makers to register the geographical origins of their products.

“Providing a registration regime for geographical indications will assist the wine industry to protect the reputation of our exported New Zealand wines.

“New Zealand wine exports were just under $100 million in 1998 and this year those exports broke $1.5 billion,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith has welcomed a survey from the Financial Markets Authority (FMA), which provides a snapshot of the number of people who are engaging with their KiwiSaver annual statements.

“Taking the time to understand and engage with KiwiSaver statements is a key part of planning ahead and understanding what you need to do in order to live comfortably in retirement.

“The survey shows that only 21 per cent of New Zealanders read their statement thoroughly and 58 per cent look at it briefly.

Commerce and Consumer Affairs Minister Paul Goldsmith today announced Diane Maxwell will be reappointed as the Retirement Commissioner for a further three-year term.

“I am pleased to reappoint Diane Maxwell as the Retirement Commissioner to continue her excellent work as head of the Commission for Financial Capability,” says Mr Goldsmith.

“During her first term as Commissioner, Ms Maxwell has overseen a strategic change at the Commission building towards financial capability for all generations of New Zealanders.

One year on from the announcement of the government statement on Building Financial Capability in New Zealand, good progress is being made says Commerce and Consumer Affairs Minister Paul Goldsmith.

“Increasing levels of financial capability will allow people to better shape their lives, avoid hardship and achieve their goals,” says Mr Goldsmith.

The Commission for Financial Capability (CFFC) and the Financial Markets Authority (FMA) lead the cross-agency work which, in its first year, has delivered research and a range of programmes.