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Changes to insolvency law announced by the Government today will include requirements to honour up to 50 per cent of the value of gift cards or vouchers held by consumers, Commerce and Consumer Affairs Minister Kris Faafoi says.

Commerce and Consumer Affairs Minister Kris Faafoi has today announced the appointment of Jane Wrightson as Retirement Commissioner.

Customers can expect fairer treatment from banks, insurers and other financial service providers as the Government moves to introduce a new regime to regulate financial conduct, Commerce and Consumer Affairs Minister Kris Faafoi said today.

Commerce and Consumer Affairs Minister, Kris Faafoi, and Minister for Small Business, Stuart Nash, have today announced new measures to better protect businesses and consumers from unfair commercial practices.

The Minister of Commerce and Consumer Affairs says a number of life insurers still need to lift their game after an underwhelming response to the Reserve Bank of NZ (RBNZ) and Financial Markets Authority (FMA) conduct and culture review.

Commerce and Consumer Affairs Minister, Kris Faafoi, says key areas of opportunity have been highlighted in a report released today to ensure New Zealand’s capital markets continue to support sustainable economic growth.

Commerce and Consumer Affairs Minister Kris Faafoi has today confirmed the appointments of Sue Chetwin and Michael Stiassny as new members of the Financial Markets Authority (FMA) Board.

The Government is adding new rules around high cost short term lending to protect consumers from punishing debt at the hands of loan sharks.

Financial markets legislation which has passed its third reading in Parliament will contribute to a well-functioning economy by providing New Zealand with continued access to foreign markets, Commerce and Consumer Affairs Minister Kris Faafoi said.

The Government is changing the KiwiSaver rules so that people with congenital life-shortening conditions can withdraw their savings when they retire, Commerce and Consumer Affairs Minister Kris Faafoi announced today.

The Government has taken steps to improve New Zealanders safety by making furniture safer and reducing the high levels of toxic smoke it could emit in fires, Commerce and Consumer Affairs Minister Kris Faafoi said today.

Consumers will have more peace of mind dealing with financial advisers under a new licensing and rules regime announced today by Minister of Commerce and Consumer Affairs Hon Kris Faafoi.

Legislation passed last night means liquidators will need to be licenced and meet basic standards of honesty and competence - moves enacted to protect creditors and the public, Commerce and Consumer Affairs Minister Kris Faafoi says.

Consumers will now see their projected savings for retirement and the likely weekly income it will provide on their annual KiwiSaver statement, Commerce and Consumer Affairs Minister Kris Faafoi says.

The investigation into the conduct and behaviour of the Retirement Commissioner Diane Maxwell did not establish bullying conduct and Ms Maxwell will return to work tomorrow (Thursday 23 May) to finish her contract as Commissioner.

Hon Kris Faafoi will attend the “Tech for Humanity” meeting of G7 Digital Ministers in Paris next week, and has added a further number of cyber engagements to planned travel to support the Government’s focus on international collaboration on cyber issues.

A new Code of Conduct will ensure all financial advice provided to Kiwis is of good quality, Commerce and Consumer Affairs Minister Kris Faafoi says, because this advice is crucial in helping Kiwis achieve the lifestyles and retirement they want.

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.