FinCap welcomes the opportunity to comment on the Updated draft Responsible Lending Code 2020 (the revised code). Financial Mentors across Aotearoa New Zealand regularly see the harm caused by irresponsible lending of unaffordable loans or lenders not offering appropriate and realistic assistance where borrowers have difficulty...
This research paper sets out the results to date (April 2019) of the research of the FinCap/Community Law Canterbury/Victoria University/BERL team on interest rate caps. Introducing an interest rate cap was one of the options proposed by MBIE in its June 2018 Discussion Paper “Review...
Lending is an essential part of a functioning economy, but some loans do more harm than good. The New Zealand market for credit has changed over the past decade. While the banking sector has grown, the non-bank sector has become increasingly populated with third-tier lenders, offering...
In 2018, 76 financial capability and budgeting services were surveyed on High cost short term loans, debt collection and other consumer credit issues. This report is a summary of those findings. A collaboration of FinCap, Justice Innovation Centre and Community Law Canterbury, and funded by the...
FinCap welcomes the open letter sent by the Commerce Commission to New Zealand’s three mobile phone operators mobile telecommunications companies, telling them that they need to guard against overspending by mobile phone customers. The open letter from the Commerce Commission is a proactive step to ensuring...
FinCap welcome’s the Government's announcement that they are bringing forward the introduction of the 100% repayment limit and ban on compounding interest for high cost loans, and the $30 cap on default fees for all loans, through the COVID-19 Response (Taxation and other Regulatory Urgent Measures)...
COVID-19 is causing immense disruption to our society and our economy. Hundreds of thousands of New Zealanders and their families now face having to survive on a reduced income. These people are worried about whether they can pay their rent or their mortgage, while keeping their...
New Zealanders worried about money due to the effects of COVID-19 are urged to seek guidance through official government services Sorted and MoneyTalks. The Sorted website is run by CFFC, headed by Retirement Commissioner Jane Wrightson, and MoneyTalksis run by the FinCap, the umbrella body for financial capability and...
Parliament’s Finance and Expenditure Committee has made key amendments to the Credit Contracts Legislation Amendment Bill, giving borrowers more protection from harmful high cost consumer credit contracts. The changes indicate that the Select Committee listened to the voices of Financial Mentors representing consumers that have...
FinCap welcomes the Government’s response to the Final Report of the Electricity Price Review process as a "good first step". FinCap supports 200 local financial capability and budgeting services across New Zealand. Collectively these services see 70,000 people a year. We commend the work of the Expert Advisory...