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Duncan Webb gets key commerce portfolio

Finance industry leaders say they want to meet the new Minister of Commerce and Consumer Affairs as soon as possible to bring improvements to Government policy.

Tuesday, January 31st 2023, 6:08PM 1 Comment

Their comments accompany lingering resentments over the Credit Contracts and Consumer Finance Act (CCCFA), along with worries about Financial Markets (Conduct of Institutions) Amendment Act (CoFI) and the employment insurance scheme.

The remarks came after Duncan Webb was appointed as the new Minister of Commerce and Consumer Affairs, replacing David Clark, who is retiring from politics at the next election.

This was announced in Tuesday's cabinet reshuffle.

As before, the Minister of Commerce and Consumer Affairs remains a minister outside cabinet, which Lyn McMorran of the Financial Services Federation thinks is completely wrong.

“It has been like that for a number of years,” she said.

The commerce minister has been outside of cabinet for many years under both National and Labour-led administrations.

“We have never agreed with the portfolio being outside cabinet, because commerce and consumer affairs are very important things to just about every New Zealander.”

McMorran said she did not know Webb and wanted the chance to get to meet him as soon as possible.

“I hope his door is open to listening to business, because that is what we need,” she said.

And was the commerce door not open enough under Clark?

“I think the CCCFA debacle probably suggests that, don't you?”

Webb takes office as the second phase of reforms of the CCCFA awaits its final decision by the government.

Both McMorran and Katrina Shanks of Financial Advice New Zealand, have long seen the CCCFA as a miscreant dog unable to learn new tricks. As a result, it should not be reformed, it should be abandoned. Both women are likely to convey this view to Webb when they meet him.

But for now, Shanks is putting it in formal, political terms.

“We are looking forward to working with (Webb) to review some government policies to get better outcomes for all New Zealanders.”

Webb got the commerce job ahead of the fancied Barbara Edmonds, who chairs the Finance and Expenditure Select Committee and has a background in tax law.

Despite this experience, she has been given several social portfolios but is, however, a minister inside cabinet.

Webb has also chaired the Finance and Expenditure Select Committee and has three more years experience in parliament than Edmonds.

He has also served as party whip and has a doctorate in law.

Tags: parliament

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Comments from our readers

On 7 February 2023 at 5:08 pm Murray Weatherston said:
A portfolio allocated to a Minister Outside of Cabinet (ie not in the top 20 Ministers) is hardly a key portfolio.
My pick is he will prove to be as useless as all his predecessors since Simon Power.
Plus ça change, plus c'est la même chose
Everyone who knows anything knows CCCFA has been a giant c**k-up. Apparently Dr Webb thinks it was great!

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.29 6.85 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

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