13407 (2024). Scott Willis to the Minister of Commerce and Consumer Affairs

13407 (2024). Scott Willis to the Minister of Commerce and Consumer Affairs: How, if at all, will the proposed regulatory changes to the Credit Contracts and Consumer Finance Act 2003, streamline the process for consumers who need to file complaints or resolve disputes with lenders?

Hon Andrew Bayly: The government has released a package of discussion documents on financial services reforms. The discussion paper covering possible changes to the Credit Contracts and Consumer Finance Act 2003 focuses on three main areas: the liability and regulatory model, disclosure regime, and high-cost credit provisions. The related discussion paper titled 'Effective Financial Dispute Resolution' covers possible changes to the financial dispute resolution system to help ensure consumers have an accessible and effective way of resolving issues with their provider. The member can access this consultation paper here: https://www.mbie.govt.nz/business-and-employment/business/financial-markets-regulation/2024-financial-services-reforms/effective-financial-dispute-resolution.