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Comcom loses bid to derail Harmoney appeal

The Commerce Commission has lost a bid to thwart peer-to-peer lender Harmoney’s appeal against regulatory proceedings.

Monday, August 19th 2019, 12:10PM

by BusinessDesk

The judgment, handed down earlier this month, is the latest in the regulator’s pursuit of the firm.

In a decision clarifying the regulator’s powers, a Court of Appeal panel of Justices Christine French, Forrie Miller and Joe Williams decided that it could hear an appeal even though the case was brought on a slightly unusual basis.

In the Commerce Commission’s proceeding against Harmoney, the regulator used its powers under the Commerce Act to bring the proceeding under a case stated procedure to test the law in the new area of peer-to-peer lending, while also launching separate enforcement proceedings alleging that Harmoney charges too much.

The enforcement proceedings depend on the case stated procedure.

The High Court had broadly ruled against Harmoney, which sought to appeal.

The commission said the court should not even entertain the appeal because the application was brought on a case stated basis. The decision notes the relevant section doesn’t actually confer an express appeal right.

Representing the regulator, Stephen Mills QC argued that the purpose of the law suggested that Parliament didn't mean to create appeal rights, especially because any decision was just advisory and did not affect anyone’s legal rights.

He noted that Harmoney would be able to appeal the enforcement proceedings if it lost anyway and that the whole point of case stated procedures was to be efficient.

While the judges agreed with that they said this didn’t mean that there ought not to be a right of appeal.

Alan Galbraith QC, for Harmoney, argued the court was exercising judicial power so what it did should be appealable.

The court agreed and dismissed the regulator’s application for strikeout.

A spokesperson for the Commerce Commission said there was no date for the appeal to be heard yet.

“In our view, as an important procedure matter, opinions provided by the court guide the commission but do not create rights of appeal. The Court of Appeal has said that Harmoney does have a right of appeal in this case.”

Harmoney chief executive Neil Roberts did not respond to a request for comment.

Tags: commerce commission

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.44 - - -
AIA - Go Home Loans 6.54 4.89 4.95 5.09
ANZ 6.49 5.55 5.55 5.69
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 4.95 4.95 5.09
ASB Bank 6.44 4.89 4.95 5.09
ASB Better Homes Top Up - - - 1.00
Avanti Finance - Near Prime 6.90 - - -
Avanti Finance - Specialised 8.34 - - -
Basecorp Finance ▼7.15 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 5.99 5.69 5.69
BNZ - Mortgage One 6.54 - - -
BNZ - Rapid Repay 6.54 - - -
BNZ - Std 6.44 4.89 4.95 5.09
BNZ - TotalMoney 6.54 - - -
CFML 321 Loans 4.99 - - -
CFML Home Loans 6.70 - - -
CFML Prime Loans 7.20 - - -
CFML Standard Loans 7.99 - - -
China Construction Bank 6.44 4.85 4.95 4.95
China Construction Bank Special 6.44 5.85 5.95 5.95
Lender Flt 1yr 2yr 3yr
Co-operative Bank - First Home Special - 4.85 - -
Co-operative Bank - Owner Occ 5.95 4.95 4.99 5.25
Co-operative Bank - Standard 5.95 5.45 5.49 5.75
Credit Union Auckland 7.70 - - -
First Credit Union Special - 5.29 5.19 -
First Credit Union Standard 6.94 5.79 5.49 -
Heartland Bank - Online 5.99 5.89 - -
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 7.45 5.90 5.80 -
ICBC 6.50 4.85 4.95 5.05
Kainga Ora 6.44 4.89 4.95 5.09
Lender Flt 1yr 2yr 3yr
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 6.35 5.79 5.85 5.95
Kiwibank - Offset 6.35 - - -
Kiwibank Special - 4.89 4.95 5.15
Liberty 6.90 6.80 6.50 6.45
Nelson Building Society 6.94 4.99 4.93 -
Pepper Money Near Prime 6.85 - - -
Pepper Money Prime 6.29 - - -
Pepper Money Specialist 8.30 - - -
SBS Bank 6.49 ▼5.49 5.55 ▼5.69
SBS Bank Special - ▼4.89 4.95 ▼5.09
Lender Flt 1yr 2yr 3yr
SBS Construction lending for FHB 3.94 - - -
SBS FirstHome Combo - 4.29 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 8.64 - - -
TSB Bank 7.19 5.69 5.75 6.09
TSB Special 6.39 4.89 4.95 5.29
Unity First Home Buyer special - 4.29 - -
Unity Special 6.64 4.99 4.99 -
Unity Standard 6.64 5.79 5.79 -
Wairarapa Building Society 6.75 5.09 4.95 -
Westpac 6.59 5.49 5.55 5.59
Lender Flt 1yr 2yr 3yr
Westpac Choices Everyday 6.69 - - -
Westpac Offset 6.59 - - -
Westpac Special - 4.89 4.95 4.99
Median 6.56 4.99 4.99 5.15

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