Fatigued finance sector wondering about another CCCFA review

Commerce and Consumer Affairs Minister Dr Duncan Webb says it’s important to keep the Act up to date to ensure it continues to strike the right balance between protecting vulnerable consumers and having a healthy and effective market for credit.

Webb says the rules might need tweaking because of the different products in the market and what sort of interventions they need.

Financial Services Federation (FSF) chief executive Lyn McMorran says Webb claiming that the review is not an admission the Government got the CCCFA wrong in the first place has left her speechless. “Why do we need three reviews of the Act if the Government got it right in the first place? It’s amazing. I am a bit lost for words, really.”

Financial Advice NZ (FANZ) chief executive Katrina Shanks says if a review goes ahead her organisation will expect better consultation and that the advice given will be listened to.