As part of the government’s priority to build financial capability in New Zealand, $900,000 is being allocated to improving levels of financial capability among Māori, Commerce and Consumer Affairs Minister Paul Goldsmith announced today.

“During the past year the government has delivered a number of pilot programmes aimed at increasing financial capability among Māori.

“The allocation of additional funding will help deliver more financial education programmes for Māori and recognises the success of the pilot initiatives.

Commerce and Consumer Affairs Minister Paul Goldsmith has welcomed the release of the Financial Markets Authority’s (FMA) review of insurance replacement business today.

“Transparency is vital for consumers to have confidence in markets and make informed decisions,” says Mr Goldsmith.

“Insurance replacement is an area where there has been considerable scrutiny, particularly to determine if ‘churn’ in the life insurance market may be harming consumers. 

Commerce and Consumer Affairs Minister Paul Goldsmith today announced the appointment of Vanessa Stoddart and the reappointment of Mary Holm to the Financial Markets Authority (FMA) Board.

Ms Stoddart has been appointed to the FMA Board for a five-year term and Ms Holm has been reappointed for a further three years.

“I am pleased with the wealth of experience these appointments bring,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith calls for further submissions on the misuse of market power as part of the government’s targeted review of competition law.

“In November the government released an issues paper seeking feedback on whether aspects of the current law protecting consumers from anti-competitive behaviour by businesses are working well,” says Mr Goldsmith.

A Bill that introduces a better balanced consumer interests test into the anti-dumping regime has been introduced, Commerce and Consumer Affairs Minister Paul Goldsmith announced today.

“The consumer test will weigh up the benefits of at-the-border duties on dumped products and subsidised goods, against the costs to users of the product,” says Mr Goldsmith.

Budget 2016 provides an extra $15.2 million of operating funding over the next four years for the Commerce Commission to better protect consumers and promote competition, Commerce and Consumer Affairs Minister Paul Goldsmith says.

“The extra funding means the Commission can actively enforce our recently reformed consumer and credit laws, which gave them more tools and powers to protect consumers from unscrupulous business practices,” Mr Goldsmith says. 

Commerce and Consumer Affairs Minister Paul Goldsmith today announced the approval of a number of changes to the financial markets conduct regime following industry feedback.

“These small changes will further improve the regime and provide clarity to industry participants as they transition to the new regime,” says Mr Goldsmith.

“The Financial Markets Conduct Act 2013 and associated regulations came into effect on 1 December 2014 and industry participants were given a two year transition period to become fully compliant and licensed.

Commerce and Consumer Affairs Minister Paul Goldsmith today announced the appointment of Dr Andrea Grant to the Accreditation Council for a three-year term.

“I am pleased to announce Dr Grant’s appointment to the Council,” Mr Goldsmith says.

“Dr Grant is an internationally experienced executive and director in the pharmaceutical and biotech sectors and will bring valuable scientific knowledge to the Council’s work,” Mr Goldsmith says.

Commerce and Consumer Affairs Minister Paul Goldsmith will travel to Japan this weekend to represent the Government at the 2016 Nikkei International ‘Future of Asia’ Conference.

“The theme of this year’s forum is ‘Rising to Global Challenges and Realising Asia’s Potential’,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith today acknowledged World Metrology Day, which celebrates the 1875 signing of the Metre Convention, and the integral role the science of measurement plays in both trade and science.

“The answer to the age old phrase ‘how long is a piece of string’ is the same worldwide, thanks to the work of our legal metrologists,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith says submissions are overwhelmingly supportive of New Zealand joining an international treaty that will make more published works available to people with a print disability.

“The government released a discussion document in October seeking public feedback on whether New Zealand should accede to the international copyright agreement,” Mr Goldsmith says.

Commerce and Consumer Affairs Minister Paul Goldsmith today acknowledged World Intellectual Property Day, an international initiative celebrating the role intellectual property plays in fostering human innovation and creativity.

“In our increasingly knowledge-driven economy, intellectual property is of growing importance to New Zealand businesses,” says Mr Goldsmith.

“Every year around 30,000 trade mark, patent, design and plant variety rights applications are made by individuals and businesses to the Intellectual Property Office (IPONZ).”

Australian Treasurer Scott Morrison and New Zealand Commerce and Consumer Affairs Minister Paul Goldsmith welcome the cross-appointment of New Zealand Commerce Commission (NZCC) Deputy Chair Susan Begg to the Australian Competition and Consumer Commission (ACCC).

“I am very pleased to appoint Susan Begg as an associate member of the ACCC under the cross-appointment arrangement with the NZCC,” Mr Morrison said.

Legislation has passed this evening allowing New Zealand Business Numbers (NZBNs) to be allocated to all businesses operating in New Zealand.

Economic Development Minister Steven Joyce says this will be welcome news to businesses and government agencies.

“NZBNs are a key initiative of the Government’s Better for Business programme. They are a unique identifiers that reduce the time and energy businesses spend providing government the same information in different ways,” Mr Joyce says.

Commerce and Consumer Affairs Minister Paul Goldsmith today welcomed the signing of a co-operation arrangement between the Commerce Commission and the Canadian Competition Bureau.

“A closer relationship between both agencies will lead to more efficient and effective enforcement of competition and consumer laws both here and in Canada,” Mr Goldsmith says.

Commerce and Consumer Affairs Minister Paul Goldsmith today welcomed the relaunch of the popular financial planning website Sorted.

“With a refreshed look and mobile friendly interface, the new Sorted website will make it easier for people to see their finances and the choices that can help them get ahead,” Mr Goldsmith says.

“Last year the Government signalled that improving the financial wellbeing of all New Zealanders was a priority. The redevelopment of Sorted reinforces our ongoing commitment to this goal.”

Commerce and Consumer Affairs Minister Paul Goldsmith will travel to Australia today to attend the Trans-Tasman Consumer Affairs Forum in Canberra.

“This forum is a key opportunity to discuss a range of consumer protection and fair trading matters,” Mr Goldsmith says. 

“New Zealand and Australia’s consumer and competition laws are closely aligned. The visit is a further opportunity to foster greater Trans-Tasman cooperation, which will benefit many New Zealand businesses currently operating on both sides of the Tasman.”

A proposed new law that will enable wine and spirit makers to register the geographical origins of their products is a step closer says Commerce and Consumer Affairs Minister Paul Goldsmith.

The Geographical Indications (Wines and Spirits) Amendment Bill was debated for the first time today and will now go through the select committee process, including public submissions.

The Bill amends the Geographical Indications (Wines and Spirits) Registration Act which was passed in 2006 but never brought into force.

Pacific Peoples Minister Peseta Sam Lotu-Iiga along with Commerce and Consumer Affairs Minister Paul Goldsmith welcome the Commerce Commission’s new series of animations that attempt to bring greater awareness around consumer rights and explain key law changes.

The series, called It’s All Good, stars New Zealand’s sharpest legal advisor Aunty and her good intentioned nephew Herman Faleafa.

Commerce and Consumer Affairs Minister Paul Goldsmith today released a consultation document showing how the Government proposes to implement the intellectual property changes required to ratify the Trans-Pacific Partnership Agreement (TPP).

“TPP is New Zealand’s largest free trade agreement. The TPP economies are worth US$28 trillion and open New Zealand companies up to a customer base of 800 million people,” Mr Goldsmith says.

Commerce and Consumer Affairs Minister Paul Goldsmith has today welcomed the launch of a new product recall web tool, a first-stop-shop for consumer product recall information.

Currently product safety recall information is distributed by four different government agencies in New Zealand, dependant on the type of product.

“The new portal streamlines information availability, allowing consumers and businesses to react more swiftly when products are recalled,” Mr Goldsmith says.

Commerce and Consumer Affairs Minister Paul Goldsmith has announced the appointment of New Zealand’s first Standards Approval Board, an independent statutory board set up under the Standards and Accreditation Act 2015.

The newly appointed Board comprises six members, with Vaughan Renner as Chair, along with Dr Peter Stevens, Faye Sumner, Peter Gilbert, Samantha Sharif and John Boshier. A seventh member is expected to be appointed shortly.

The new Standards Approvals Board is one of the changes resulting from the Act, which came into force yesterday.

Primary Industries Minister Nathan Guy and Commerce and Consumer Affairs Minister Paul Goldsmith have welcomed the Commerce Commission’s release of the final report on the state of competition in New Zealand’s dairy industry today.

“I would like to thank the Commerce Commission for its hard work and the expertise applied in delivering the report. We also appreciate the way that dairy industry stakeholders have engaged in the process,” Mr Goldsmith says.