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Mr Speaker,

I have been surprised by some of the reaction I have had to my decision to retire. All sorts of motivations have been ascribed to my decision.

One of my cabinet colleagues – who is always concerned about how these sorts of things look for the Government – was keen to spread the rumour that the real reason could be traced to the existence of a series of incriminating photographs.

I was alarmed at the speed at which Murray McCully was able to invent such a scenario.

Thanks, Sir John, for those remarks.

Ladies and Gentlemen …

A woman from a small South Island town borrowed $250 from a payday lender over the internet.

The loan was for two weeks and with interest and fees she was due to pay back $375 from her loan of $250.

But she was not able to pay the full amount back within the two weeks.

Consumer Affairs Minister Simon Power today released research into third-tier lending ahead of the Government’s Financial Summit to be held in Auckland on Thursday. 

The main piece of research, undertaken by the Ministry of Consumer Affairs, identified 218 third-tier lenders (lenders who provide personal, non-mortgage loans, excluding banks, building societies, and credit unions) operating in New Zealand, and examined the advertising methods they used.

Key findings include that:

Consumer Affairs Minister Simon Power today announced the line-up of speakers and chairs for the Government’s Financial Summit to be held in Auckland next Thursday.

The summit will bring together 250 people from community groups, budgeting services, NGOs, banks, financial regulators, and credit companies to look at ways of tackling the problem of irresponsible lending.

Sir John Anderson will chair the Government's Financial Summit which will target unscrupulous credit companies, Consumer Affairs Minister Simon Power announced today.

The summit will bring together community groups, budgeting services, banks, and credit companies to look at ways of tackling the problem of irresponsible lending. It will be held in Auckland on August 11.

Mr Power said he was delighted Sir John Anderson had agreed to chair the summit.

The Government is to target unscrupulous credit companies that prey on unwary consumers, the Minister of Commerce and Consumers Affairs, Simon Power, announced today.

He told the Financial Literacy Summit in Wellington that he is organising a financial summit that will look at ways to tackle the problem.

"It's time to make changes in the area of consumer credit.

"There are gaps in the system that allow the unscrupulous to take advantage of the unwary when it comes to access to consumer finance in these tough economic times.