Fair dispute resolution schemes should be readily available to ensure people, whānau and communities working with Financial Mentors do not have hardship compounded or caused by financial providers’ misconduct. Based on financial mentors’ insights, FinCap recommends more work is done to increase accessibility to the...
FinCap welcomes the opportunity to submit in response to the MyMahi petition to make it easier for young people to open a bank account. We make this submission to highlight the harm caused by barriers to opening a bank account. We also submit to share...
Whānau accessing a range of essential services should be able to access fair pricing arrangements without barriers. Essential telecommunication service businesses should ensure whānau do not become trapped in unaffordable or otherwise unsuitable arrangements and that whānau are not signed up to unaffordable or unsuitable...
Whānau should never have to face a decision between keeping essential energy services connected to have the heater on or putting kai on their table. Aotearoa urgently needs a stronger, mandatory framework to ensure electricity retailers consistently and appropriately support the wellbeing of whānau. This...
Financial mentors work with whānau to look at what money is coming in and what money is going out. The Voices report uses data collected by financial mentors to explore three key indicators of financial wellbeing: Income, expenditure, and debt. It also provides an overview...
All whānau should have fair access to the market provided services which are essential to their health, wellbeing and social participation. A market study focused on competition should explore whether competition is delivering choice and low prices to all. Our highest priority in providing feedback is...
This Put on hold? report is the result of research completed by FinCap (the National Building Financial Capability Charitable Trust) between April and June 2023. The research considers the effectiveness of the Consumer Care Guidelines – consumer protections put in place to ensure energy retailers...
Changes in technology should not mean that records of whānau behaviour become a tradable commodity for the advantage of businesses. A robust consumer data right framework can ensure whānau own, and can utilise, their data towards their wellbeing. We welcome the opportunity to comment on the...
FinCap recommends that all in Aotearoa have guaranteed access to the essential services they need for health, wellbeing and social participation. Bank accounts, electricity retail contracts and access to telecommunications are a few examples of products and services whānau should never be denied. In 2022 we...
The Consumer Care Guidelines are a fundamental part of a well-functioning electricity market that balances the interests of consumers and retailers. The Guidelines are intended to protect consumers and to ensure all consumers are treated fairly and that their rights are safeguarded, regardless of the...
The recent Cyclone Gabrielle and Auckland Anniversary Weekend Floods highlighted several key challenges for financial mentors and their client’s ability to access the monetary system. The barriers to access created flow-on effects for the ability of whānau to access essentials during weather emergencies. FinCap welcomes the...
NZBA Media Release: Spotlight on a day in the life of a financial mentor Decision makers from government and the financial sector are spending time with financial mentors to get practical insights into their daily work and the assistance they offer clients experiencing vulnerability and financial...
With the release of the Wellbeing Budget 2023 last week, FinCap welcomes the Government’s continued support for financial mentors who are walking alongside whānau across Aotearoa, particularly as they encounter increased cost of living pressures and in the aftermath of this years’ severe weather events. We...
A whānau should never feel they need to go without the energy they need to keep their home healthy. Strategies for addressing energy hardship in Aotearoa must propose strong interventions to ensure we all have the essential energy services we need for our health, well-being,...
Access to essential services necessary for the health, wellbeing and social participation of whānau in Aotearoa should be guaranteed. An effective mechanism is needed for accessing a fair outcome where relevant telecommunications services would instead put a whānau at risk of hardship. FinCap welcomes the opportunity...
We welcome the opportunity to give feedback to the omnibus Child Support (Pass On) Amendment Bill (The Bill). FinCap strongly supports the changes to the child support system which will see child support going directly to the parent on a sole parent benefit from 1...
No child should have to go without essentials because government departments are creating and collecting debt that was always going to be unaffordable. Debt to government is creating distrust and harm for whānau that are trying to engage with the systems that are meant to...
Electricity is an essential service that supports the health, well-being and social participation of whānau across Aotearoa. It is very important that the regulator of these essential electricity services, as well as the public, have visibility as to the systemic issues surrounding whānau having difficulty paying...
FinCap warmly welcomes todays Government announcement of a one-off, time-limited funding boost of $3 million for providers to assist whānau in accessing MSD-funded Building Financial Capability services. Minister for Social Development and Employment Carmel Sepuloni acknowledged that demand for Financial Capability Services is growing as people...
FinCap welcomes the opportunity to comment on the Ministry of Business, Innovation and Employment (MBIE) Draft Credit Contracts and Consumer Finance (Buy Now Pay Later) Amendment Regulations 2022 (Draft Regulations). Loopholes for buy now pay later lenders have been financial mentors’ most regularly noted consumer...
A report released today shows financial mentors and their clients are benefiting from a partnership between FinCap and the New Zealand Banking Association – Te Rangapū Pēke. The partnership, which is funded by NZBA’s member banks, provides $5 million over five years to fund initiatives...
Below is the link to the recent FinCap NZBA Partnership report outlining the ways in which financial mentors and their clients are benefiting from a partnership between FinCap and the New Zealand Banking Association – Te Rangapū Pēke. FinCap Partnership Report 2022...
Information current as at 09/03/23. We will continue to post and share further or updated information as it comes to hand. Kiwiwsaver withdrawal information from TCA: The weather-related natural disaster that impacted the north island North and other regions was/is expected to have a significant in its...
FinCap welcomes the opportunity to comment on the Water Services Economic Efficiency and Consumer Protection Bill (the Bill). We support financial mentors across Aotearoa in their work towards assisting whānau who are facing financial difficulty. Water services are essential to the health, wellbeing and social...
All in Aotearoa should have ongoing full access to safe, affordable and reliable water services. For some whānau, no matter what the price is, any charge for this essential service will be unaffordable. To achieve the goals of this reform, legislation should embed from the...
Across Aotearoa over 600 dedicated financial mentors are walking alongside whānau every day, as they navigate a pathway toward financial well-being. As highlighted in the Budget Policy Statement, having an income that can meet the needs of a whānau is a key factor in the...
Bell Gully is a leading New Zealand law firm; they are proud to provide pro bono legal advice to ensure FinCap can continue helping Kiwis. This month in their A Helping Hand series they are profiling FinCap. ...
The Credit branch of the Commerce Commission has developed a new guide for borrowers as part of their commitment to helping people make informed choices when borrowing money. A quick guide to borrowing is now available on their website. This guide provides clear and straight-forward information...
In the light of newly published findings in a growing body of research, FinCap renews its calls for regulation to prevent unacceptable debt collection practices in Aotearoa. Regulating Debt Collection Practices in New Zealand: Options for Reform is a research paper authored by Tallara Daldorf and...
Parents, children, carers and whānau members should be able to participate fully in their communities to increase the prosperity of whānau and the wider community. The public management system needs to truly work for whānau in Aotearoa. No tamariki should have to go without essentials...
Whānau should not be facing significant harm from of high-pressure sales where commissions mean salespeople are incentivised to provide expensive products or services of little or no value. Such practices should be prohibited to prevent price discrimination that worsens the situation of whānau who are...
Financial mentors and FinCap have been sounding the alarm around harm from Buy Now Pay Later lending in our communities for some time and today Minister Clark announced action to better regulate this lending. We welcome the announcement by Minister Clark that the Government is moving to make...
Financial mentors and banks are working together to help people in small communities across New Zealand to access banking services. These ‘banking collaborations’ are one of several projects being delivered under a partnership between FinCap and the New Zealand Bankers’ Association, which is funded by...
Whānau should not face a position where lending that was always going to be unaffordable causes or compounds hardship. The onus must be on lenders to not disregard that collection on due repayments is likely to cause harm. FinCap welcomes the opportunity to comment on the...
Last week the leader of the opposition, Hon Christopher Luxon, joined the Pakuranga and Howick Budgeting Service for ‘A Day in the Life’ visit. Mr Luxon was able to observe the incredible skill and value of financial mentors on the ground, and the crucial support they...
From 10th October 2022, FinCap's offices will be located at the following address: Level 4, 276 Lambton Quay, Wellington...
Whānau should have confidence that issues will be resolved fairly when they are impacted by unlawful conduct from a trader. They should not be left stuck with worse financial circumstances that seriously risk their wellbeing because of such conduct. FinCap welcomes the opportunity to comment on...
Electricity is an essential service that supports the health, well-being, and social participation of whānau across Aotearoa. It is very important that the regulator of these essential electricity services as well as the public have visibility as to the systemic issues surrounding whānau having difficulty...
All whānau should have access to a support system that truly supports the well-being of their whole whānau. A fit-for-purpose child support system will help to ensure that tamariki do not have to go without essentials because of the confusing and harmful rules of that...
The energy system should function with the health, wellbeing, and social participation of whānau front of mind when organising the effective provision of essential energy services. Proper processes for consulting and feedback must ensure what whānau want is factored into decisions about the future of...
As FinCap digests the Government’s response today to the Investigation into the impacts of Credit Contracts and Consumer Finance Act 2003 changes, we continue to stress the importance of safe lending laws to support whānau as they are up against current and increasing financial pressures. The...
Money Week is the annual public awareness and engagement campaign coordinated by Te Ara Ahunga Ora in partnership with the financial capability community. Aligned to the National Strategy for Financial Capability, the campaign’s purpose is to work together to help demystify money. The theme ‘Just wondering’ is...
FinCap and Muaūpoko Tribal Authority (MTA) strongly support Citizens Advice Bureau New Zealand calling for inclusion in the digital age as a special debate on inclusion is due to commence in Parliament at 3pm today. FinCap and Muaūpoko Tribal Authority work in partnership to increase whānau...
Often people who financial mentors assist are facing difficulty paying for essential items like groceries. Whānau in Aotearoa should have clear and consistent information while shopping to ensure that they are able to purchase the items that most suit them and their budget. The prominent...
Whānau in Aotearoa should have clear and consistent information while shopping to ensure that they are able to purchase the items that most suit them and their budget. The prominent display of unit pricing should be easy to use so that whānau can easily compare...
FinCap welcomes the Financial Markets (Conduct of Institutions) Amendment Bill and especially the incoming requirement that banks and insurers consider how their conduct could challenge the wellbeing of those unable to pay. Ruth Smithers is the Chief Executive of FinCap, an organisation supporting around 900 community...
Working for Families Tax Credits (WfFTC) need to truly work for whānau in Aotearoa. No tamariki should have to go without essentials because of inconsistent and confusing support systems and rules. In Aotearoa, 16.3 per cent1 of children are living in material hardship. A fit-for-purpose Working for...
FinCap welcomes the Government’s ongoing support for financial mentoring services in Aotearoa. The commitment to 21 million dollars (see page 144) over the next two years for financial mentors who are currently funded by the Ministry of Social Development means that these leaders in our communities...
What is 'A Day in the Life'? FinCap is running the ‘A Day in the Life’ programme as part of our partnership with New Zealand Bankers’ Association (NZBA). The aim of this project is to provide senior decision-makers in government, the banking sector and other stakeholders with...
No whānau in Aotearoa should have to endure extended hardship because of displacement or loss of work due to a health condition or disability. The Tripartite Working Group, which is comprised of Business New Zealand, the Government, and the New Zealand Council of Trade Unions,...
Whānau should not face a position where lending that was always going to be unaffordable causes or compounds hardship. The onus must be on lenders to not disregard that collection on due repayments is likely to cause harm. We strongly recommend in this submission that lenders...
What’s the difference between a quantity surveyor and a financial mentor? “In commercial construction, a calculation error can be the end of your career,” says former senior financial mentor Iain Davies (pictured above). Iain clocked up 10 years working for his West Auckland community at CARE Waitakere,...
Everyone in Aotearoa should have easy access to helpful information when engaging with public services. FinCap strongly supports the need for plain language in official documents and websites. FinCap recommends that decision-makers also support work on inclusion and accessibility to essential services for all whānau in...
In a world where women are still struggling to meet the same level of financial wellbeing as men, one woman from Paeroa has been able to exceed these expectations for her whānau. Paeroa Budgeting Services – part of the Paeroa Community Support Trust (PCST) – have...
FinCap welcomes the Government’s ongoing commitment to safe lending. Laws requiring all lenders to have robust processes to only sell suitable and affordable loans will continue to prevent harm in our communities. This morning Minister Clark announced some practical updates that focus lenders by further clarifying...
A functional cash system must be maintained as a safety net to stop absolute exclusion from full social participation but there should also be work to realise a right to essential services and lower chances that whānau are vulnerable to having no choice but using...
On Tuesday 8 March ActionStation, Christians Against Poverty (CAP), Citizens Advice Bureau (CAB), Debtfix, FinCap, Good Shepherd NZ, Muaūpoko Tribal Authority, New Zealand Council of Trade Unions - Te Kauae Kaimahi (NZCTU), Ngā Tāngata Microfinance and The Salvation Army sent a joint letter to all...
In July, Tauranga Budget Advisory Services will celebrate 50 years of supporting the financial well-being of people from Katikati to Otamarakau. Although they have been a pillar of support for the Bay of Plenty community for half a century, they have remained agile. Tauranga Budget Advisory...
There is a couple the team at Financial Mentoring Service (Budget Advisory Service Whakatane Inc) (pictured above) have been supporting for a few years – but they are still to be seen at the service in 2022. While this may often be a cause for concern,...
Financial mentors are working together with other organisations in their communities as the whānau they support are facing increasingly complex issues. A survey of financial mentors late last year looked to identify the impact of COVID-19 on the workload of financial mentors and on the whānau...
Financial mentors have seen their caseloads grow and become more complex since the beginning of the COVID-19 pandemic. A recent survey completed by FinCap found that financial mentors are facing increased pressure due to COVID-19, housing issues and mental health. FinCap is calling for ongoing,...
Financial mentors committed to their communities across Aotearoa are coping with the increased strain created by COVID-19 - but only just. FinCap is calling for ongoing, sustainable funding for all financial mentors’ vital work as new data reveals they’re facing increased pressure because of COVID-19, housing issues...
Clear rights to responsible conduct from lenders are important as lending can cause significant and disproportionate harm to whānau. Buy-Now Pay-Later (BNPL) services are loans that can trigger or compound substantial hardship. Aotearoa is fortunate in that Section 137A of the Credit Contract and Consumer...
Water services are essential services that whānau need for health, wellbeing and social participation. No one should face losing access to essential water services because of an inability to pay or because of barriers around engaging with organisations providing water. We support robust consumer protections and...
Energy hardship can see whānau stuck going without what they need for health, wellbeing and social participation. Recognising and addressing the harm caused to communities due to avoidable hardship should be a top priority for decision makers. The ways of measuring the impacts of initiatives...
Financial mentors in small communities are helping people access banking services thanks to a partnership between FinCap and the New Zealand Bankers’ Association. A partnership agreement announced in March is now delivering for people living in places from Balclutha to Murupara through a Banking Collaboration Project funded in...
CAPTION: Clutha Budget Advisory Service recently won a Clutha District Council Community Award for the Happy Feet project. Pictured from left: Volunteer Lee Ollerenshaw and Service Coordinator Lee-Anne Michelle It’s a case of the shoe fitting for kids in Balclutha who have been given new school...
In Aotearoa the use of money is essential for the health, wellbeing and social participation of whānau. Effective oversight and action to ensure all can use money confidently is a cornerstone of building financial capability and overcoming hardship in our communities. FinCap welcomes the opportunity...
Too often FinCap hears from financial mentors who are concerned that some in Aotearoa are denied access to bank accounts or other essential services. At times when we follow up with the institutions who are denying access, we are told that AML (Anti Money Laundering...
Where the appliances at a residential property already utilise gas then gas is an essential service that is necessary for the health, wellbeing and social participation of the whānau in that property. It is extremely important that appropriate protections to access gas fairly are in...
Effective enforcement from regulators is a critical cornerstone for achieving a well-functioning consumer protection framework in Aotearoa. As the Electricity Industry Amendment Bill is currently progressing through parliament, we encourage the Electricity Authority ready the Draft Strategy for a clear consumer protection function. We are also...
Changes to consumer lending law to help people avoid unaffordable debt mean it may take longer to get a loan from 1 December. Information to help consumers prepare for the changes has been welcomed by financial mentors and lenders. The changes to the Credit Contracts and...
Energy is an essential service, whānau need it for their health wellbeing and social participation. Clear protections to ensure all whānau can readily access the energy they need under fair arrangements are critical to wellbeing in our communities as our energy system transitions. We strongly support...
Fair access to essential phone and internet services is vital for the health, well-being and social participation of people, whānau and communities. It is regularly reported to FinCap that accessing these essential services can get too complex, confusing, unfair and generally messy for whānau. We strongly...
The team at North Shore Budget Service. From left: Bryce Diaz, Drew Glucina, Keith Adams, Christine Watson, Abid Al -Atafi and Nick Handey The latest lockdown has been tough for many whānau in Aotearoa, and those in Auckland are especially feeling the pinch. North Shore Budget Service...
Irresponsible lending from internet and phone providers for unaffordable products and services is a systemic issue that has been regularly raised with FinCap by financial mentors. FinCap generally supports the recommendations made by the Commerce Commission Draft report to the New Zealand Telecommunications Forum Inc. on...
FinCap is calling for robust regulation to counter unfair debt collection practices in Aotearoa, following the release of a new research report today. Overwhelming bombardment via phone calls, texts, emails and in-person visits as well as unpredictable yet substantial fees have been revealed among a range...
Overwhelming bombardment via phone calls, texts, emails and in-person visits as well as unpredictable yet substantial fees have been revealed among a range of harmful practices from debt collectors. This is one of the findings of the Debt Collection in Aotearoa from the perspective of financial mentors report from Victoria University senior lecturer...
In this extended article Victoria University senior lecturer Victoria Stace explores evidence of harrasment by debt collectors in Aotearoa and the case for adopting Australia’ approach to preventing the issue. A shorter journal article version was also published in the New Zealand Business Law Quarterly in 2020 and titled: Debt Collection in New Zealand: Enlivening the Prohibition Against...
This report prepared by researchers at Te Herenga Waka Victoria University of Wellington provides an April 2019 snapshot of the system in Aotearoa for enforcing laws relating to high-cost lending. It then compares this to approaches in other jurisdictions. We acknowledge the support of the Michael and Suzanne Borrin Foundation which made this work possible. Stace, Victoria and Chan, Emily,...
This report prepared by researchers at Te Herenga Waka Victoria University of Wellington provides a an August 2019 snapshot of the Aotearoa’s key issues around debt collection. It then compares our systems for addressing these issues to approaches in other jurisdictions. We acknowledge the support of the Michael and Suzanne Borrin Foundation which...
We anticipate that disruption to communities from COVID-19 will cause and compound hardship for many. Right now alert level changes are creating many barriers to maintaining or working towards financial wellbeing. We support the proposed addendum to the code on the basis that some additional...
Often people who financial mentors assist are facing difficulty paying for essential items like groceries. Any adverse outcomes for consumers from the conduct of nationwide supermarket chains can disproportionately harm people facing these financial circumstances. We have submitted this letter of support for the Consumer NZ...
Financial mentors often report that many of the people working with them are facing hardship due to persistent disadvantage or are at risk of facing persistent disadvantage due to various life events that have contributed to their debt. We recommend the Productivity Commission set terms of...
We strongly support the Electricity Authority improving information gathering processes, particularly where this will bring better insights as to what reform is needed to tackle energy hardship in Aotearoa. Electricity is an essential service, whānau need it for their health, wellbeing and social participation. No whānau...
To all electricity retailers, phone and internet providers, rental housing providers, banks, lenders, other creditors and those involved in collecting debt. This is an open letter thanking you for the work you do to assist whānau facing hardship and requesting you take extra care to...
Pictured: Napier Family Centre chief executive Kerry Henderson (left) and Budgeting manager Debbie Mackintosh The reputation of Napier Family Centre precedes them, and their impact on the community is continuing to grow. They were recently picked as a distributor for Napier as part of an initiative through...
FinCap welcomes the opportunity to comment on the Gas Industry Company Limited (GIC) Extending the Electricity Price Review’s Final Recommendations to the Gas Market – New Gas Market Guidelines for: (1) Dealing With Vulnerable Consumers; (2) Raising Consumer awareness of Utilities Disputes and Powerswitch; and...
Pictured left to right: Evelyn Munro, Lynette Beer, Sarah Matafeo-Ross and Sandie Cooper (front) outside their office with the new signage and flag After 30 years of serving their community, Te Aroha Family Budgeting Services Inc has a logo at last. “I saw other services with logos,...
FinCap welcomes the opportunity to comment on the Ministry of Business, Innovation & Employment (MBIE) treatment of intermediaries under the new regime of the conduct of financial institutions discussion document. The financial mentoring services that FinCap works with regularly see people who are facing hardship that...
FinCap welcomes the opportunity to comment on the Ministry of Business, Innovation & Employment (MBIE) regulations to support the new regime for the conduct of financial institutions discussion document. FinCap’s work often involves approaching financial institutions to raise and address issues around unfair conduct that has...
Say goodbye to Tauranga Budget Advisory Services…. and a big kia ora to Bay Financial Mentors - Tau Āwhi Noa. General Manager Shirley McCombe (pictured above) says the service is changing its name in the next few months to better represent their community and their mahi. It’s...
People are being urged to check, double check and triple check any lending agreements they’re co-signing for whānau or friends, as tighter lending controls for Aotearoa near. The Credit Contracts and Consumer Finance Act (CCCFA) Act comes into force on 1 October 2021. This will bring a...
FinCap welcomes the opportunity to comment on the Electricity Authority’s Internal transfer prices and segmented profitability reporting Consultation Paper. FinCap strongly supports the Electricity Authority introducing mandatory and robust reporting requirements for internal transfer pricing, segmented retail profitability with granular detail on a range of geographies...
FinCap welcomes the opportunity to comment on the Ministry of Business, Innovation & Employment (MBIE) Review of the Approved Financial Dispute Resolution Scheme Rules Discussion Paper (Discussion Paper). Without access to a free, accessible, and fair financial dispute resolution scheme many people, whānau and communities, particularly...
Paying for holiday, the power bill, food, a visit to the hairdresser, fuel or a WOF… is it a want or a need? That’s the question tamariki were asked at the Eastbay REAP Kawerau Heart2Heart Children’s Day 2021 recently. MoneyTalks Promotor Kyra Walker attended the event alongside...
“The EnergyMate energy hardship coaching service is expanding across New Zealand this winter through a partnership between the electricity retailers, lines companies, Government and community budgeting services,” Electricity Retailers’ Association Chief Executive Cameron Burrows says. EnergyMate is a free energy coaching service supporting households who struggle...
While home economics and vocational courses at high school give students practical skills to help set them up for life, a Waikato service says managing money also needs to be taught. Catholic Family Support Services (CFSS) Team Leader Financial Mentoring Services Di LeBas says many of...
Up to 250,000 people will benefit from the upcoming increase in minimum wage, and Employment New Zealand is encouraging employees to make sure they’re being paid correctly. From Thursday 1 April 2021, the adult minimum wage rises from $18.90 to $20 per hour in New Zealand....
Financial Mentors in New Zealand now have their own dedicated phoneline within Westpac to help them reach who they need to without the long wait times. The phone and email lines will allow Financial Mentors to get directly in contact with the bank’s Customer Care Support...