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Commerce and Consumer Affairs Minister Kris Faafoi says a suite of new measures to stop families falling into hardship caused by predatory lending is a step closer, after the Credit Contracts Legislation Amendment Bill passed its first reading today.

Fast-tracked measures to protect consumers in their dealings with banks and insurers have been released today, with the Government on schedule to have them introduced to Parliament this year.

Protections to stop the public being charged excessive fees and being preyed upon by wheel clampers are a step closer, with legislation stopping the practices receiving its first reading in Parliament this evening.

Consumers and businesses will be better protected from dishonest commercial conduct following a law change tonight that makes price fixing and other cartel behaviour a criminal offence, Commerce and Consumer Affairs Minister Kris Faafoi says.

Commerce and Consumer Affairs Minister Kris Faafoi says New Zealanders should have better access to quality financial advice as a result of changes in the Financial Services Legislation Amendment Bill, which passed through Parliament today.

Commerce and Consumer Affairs Minister Kris Faafoi today announced the appointments of Anna Rawlings as the new Chair of the Commerce Commission, and Joseph Liava’a as an associate member.

Commerce and Consumer Affairs Minister Kris Faafoi today confirmed Mark Todd as the new Chairman of the Financial Markets Authority (FMA), and Chris Swasbrook as an associate member.

Commerce and Consumer Affairs Minister Kris Faafoi says consumers will be able to have more confidence in financial advice under new disclosure requirements agreed by Government.

New Zealand’s continued access to key global financial markets is assured after legislation aligning New Zealand’s financial markets law with new international regulations reached its first milestone, Commerce and Consumer Affairs Minister Hon Kris Faafoi says.

The Government plans to stop the practice of ticket scalping, Prime Minister Jacinda Ardern and Commerce and Consumer Affairs Minister Kris Faafoi said today.

The New Zealand Government will closely analyse the outcomes of the Australian Royal Commission but has already committed to ensure consumer interests are protected in the banking and insurance sector.

The Government agreed at Cabinet today to fast-track customer protection measures in the financial sector.   

Commerce and Consumer Affairs Minister Kris Faafoi has today announced the start of public consultation on measures to strengthen the law protecting consumers and small business from anti-competitive behaviour by powerful firms.