News

Title Year News summary
New guidelines from the Commerce Commission 2021

Have a look at the new guidelines around due diligence under the CCCF.

The hard line on hardship applications 2021

Providing evidence of financial hardship is essential when applying for a hardship application with a lender. As a recent case note shows, hardship applications should be the last resort. Although you are paying less in the short term, the interest on the loan will continue to be added to the loan amount.

FSPR INFORMATION 2021

If you are unsure about what is happening in terms of the FSPR the following information may be helpful

Commerce Commission aims to raise standards 2021

FSCL has welcomed a move by the Commerce Commission to raise the standards of personal and professional integrity for those involved in providing a lending or mobile trading service.

MBIE seeks feedback – changes to dispute resolution schemes’ rules 2021

The Ministry of Business, Innovation and Employment (MBIE) is seeking feedback on a review it is conducting of approved financial dispute resolution scheme rules.

New car, someone else’s debt? 2021

A recent case note highlights why it is important for buyers to check out the Personal Property Securities Register (PPSR) before buying a second hand car.

A tale of caution: KiwiSaver and pandemic panic 2021

A year after New Zealand had it's first lockdown due to the COVID pandemic and Financial Services Complaints is still settling pandemic- related disputes. As Jane's experience shows, it is always advisable to wait out a market down-turn, before hastily changing KiwiSaver fund types.

Hidden costs have nowhere left to hide 2021

A recent case investigated by Financial Services Complaints found that an insurance broker was in breach of the Fair-Trading Act when they failed to disclose fees. With the new financial advice regime coming into effect from 15 March, financial advisers and insurance brokers need to make sure they are disclosing more information to their clients. If they don't adhere to the additional legal duties and licensing requirements, including increased transparency, they could be on the hook.

Chinese consumers can turn to dispute resolution scheme for help 2021

Following a media release from the Financial Markets Authority (FMA) which points out that a 2020 FMA survey found that one in five Chinese New Zealanders had been approached about a potential investment scam- the same as the overall population, FSCL has a recent complaint that highlights how sophisticated scams can lure Chinese investors.

Be wary of cryptocurrency “investment” scams 2021

A recent complaint resolved by Financial Services Complaints Limited (FSCL), regarding bitcoin has highlighted how common cryptocurrency investment scams are and how easily consumers can fall prey to unscrupulous scammers.