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A report canvassing views from New Zealand’s vibrant creative sector, and the role copyright and registered designs has in their work, has been released today by Commerce and Consumer Affairs Minister Paul Goldsmith.

“Our creative sector spans a range of industries and organisations and face a myriad of challenges as well as opportunities in the digital environment. This is the context in which copyright operates.

Commerce and Consumer Affairs Minister Paul Goldsmith has announced all KiwiSaver annual statements will have to disclose total fees paid in dollar terms from 2018.

“Fund fees can have a considerable impact on an investor’s total retirement savings. Kiwis should have easy access to an accurate statement of the fees they are paying.

“Some providers have indicated they need to make IT system changes and will not be able to provide a dollar figure for fees by next year. The regulations will include a one-year transitional option for these providers.

Commerce and Consumer Affairs Minister Paul Goldsmith has announced an appointment to the New Zealand Standards Approval Board, an independent statutory body which approves standards developed by committees of industry experts.

Building company owner Richard Merrifield has been appointed as the seventh member of the Board.

“I am pleased to announce Mr Merrifield’s appointment to the Board,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith today welcomed the KiwiSaver findings of the Retirement Commissioner’s three-yearly review of retirement income policies.

“I have received the KiwiSaver recommendations made by the Commissioner and will give them considerable thought.

Know your consumer rights this holiday season reminds Commerce and Consumer Affairs Minister Paul Goldsmith.

The Ministry of Business Innovation and Employment (MBIE) has launched the Twelve Consumer Tips for Christmas campaign today.

“As we make our shopping lists, and check them twice, the campaign is a timely reminder of how to shop smart this festive season.

“MBIE’s Consumer Protection and Trading Standards teams have a sleigh full of tips to ensure you have a safe and hassle-free holiday period,” says Mr Goldsmith.

Today marks the end of the two year period for the financial markets industry to transition to the Financial Markets Conduct Act 2013 (the FMC Act) regime, says Commerce and Consumer Affairs Minister Paul Goldsmith.

Mr Goldsmith says all offers of financial products to retail investors must now be made under the FMC Act.

“The purpose of the reforms is to increase public confidence in our financial markets and give businesses better access to capital to grow. Both aspects are vital to support New Zealand’s growing economy.

The government is introducing a licensing system for insolvency practitioners, Commerce and Consumer Affairs Minister Paul Goldsmith announced today.

“Every year hundreds of New Zealand companies go into liquidation, receivership or administration. Outstanding debts can run into many millions of dollars.

“When a company is unable to repay their debts and becomes insolvent it is essential there is a high level of trust and transparency around the process for all parties involved,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith has today announced three reappointments to the Copyright Tribunal.

Current member Jane Glover has been appointed as Deputy of the Chairperson of the Copyright Tribunal for a five-year term.

“Ms Glover has a breadth of experience in copyright, moral rights and other intellectual property matters. Her practical experience in commercial and intellectual property litigation provides her with a strong background to join the leadership of the Tribunal,” Mr Goldsmith says.  

The government is updating copyright regulations to ensure the Copyright Act 1994 full takes account of New Zealand international copyright obligations, says Commerce and Consumer Affairs Minister Paul Goldsmith.

“When a foreign work is protected by copyright in New Zealand, it is protected because of international agreements to which New Zealand is a party to. Our Copyright Act needs updating from time to time to ensure continuity with our international obligations,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith has announced relief for KiwiSaver members who are suffering financial hardship following the November 14 earthquakes, by making it easier for them to withdraw their funds.

“I have asked the supervisors of the KiwiSaver schemes to expedite requests for early withdrawal for earthquake-affected members as quickly as they can.

Commerce and Consumer Affairs Minister Paul Goldsmith launched the KiwiSaver Myth-Busting Roadshow, run by Commission for Financial Capability (CFFC), in Gisborne today.

“For many New Zealanders their point of contact with financial markets is KiwiSaver. It is vital that people have access to accurate information so that they can get the most out of it,” says Mr Goldsmith.

“The roadshow is about helping all New Zealanders start a dialogue about their KiwiSaver, and getting answers to questions they have direct from the CFFC.

Commerce and Consumer Affairs Minister Paul Goldsmith has welcomed the passing of a bill which will enable New Zealand wine and spirit makers to register the geographical origins of their products.

“The value of our wine exports has now reached $1.6 billion. We must jealously guard the reputation of New Zealand wines if we are to continue growing our wine exports,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith has welcomed the passing of the Patents (Trans-Tasman Patent Attorneys and Other Matters) Amendment Bill, which will implement a joint trans-Tasman licensing regime for New Zealand and Australian patent attorneys.

Patent attorneys make up a small profession providing specialist advice to innovative businesses on the protection and exploitation of intellectual property. 

As Fraud Awareness Week kicks off today, Commerce and Consumer Affairs Minister Paul Goldsmith encourages all New Zealanders to remain vigilant with their personal information.

“Each year, thousands of New Zealanders are contacted by scammers via phone, post or email. For scammers it’s a numbers game – the more people they contact, the better their chance of making a profit,” says Mr Goldsmith.

“Scammers often use the names of well-known people or organisations to gain a person’s trust.

Commerce and Consumer Affairs Minister Paul Goldsmith has today announced the government’s approval to increase funding for the Financial Markets Authority (FMA) and the Companies Office.

“The increased funding will help these organisations maintain a well-regulated business environment for New Zealanders.

“The FMA will get an additional $9.8 million per year and the Companies Office, an additional $5.3 million per year,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith has today released a discussion document on credit contracts, focusing on the rights of borrowers when a lender fails to properly disclose key information about the loan.

“A number of legal consequences result from a failure by a lender to make proper disclosure of key information to debtors. These include a right for the consumer to cancel the loan and a fine for the lender.

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

“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,” says Mr Goldsmith.

“As we move towards the 1 December 2016 deadline, adjustments have been made to regulation to fix small technical issues that have arisen.

Commerce and Consumer Affairs Minister Paul Goldsmith has announced an appointment to the Takeovers Panel, the regulator of the corporate takeovers market.

Nathanael Starrenburg has been appointed as a new member of the Panel for a five-year term, from 25 October.

“Mr Starrenburg has a strong background in corporate and transactional law. His practical experience in securities law compliance and equity capital markets transactions will add considerable value to the Takeovers Panel,” Mr Goldsmith says.

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.