Media Releases

Commission settles with Marac Finance following $500,000 payout

Mon, 25 Feb 2013 00:00:00 +1300

The Commerce Commission has settled with Marac Finance Limited following the finance company’s decision to refund 1,000 customers a total of about $567,000.

Bluestone mortgage customers to get $200,000 back

Mon, 24 Dec 2012 00:00:00 +1300

The Commerce Commission has reached an out of court settlement with three companies from the finance industry that will see $200,000 paid to 295 customers.

Commission launches new guidelines about enforcement responses

Fri, 23 Nov 2012 00:00:00 +1300

The Commerce Commission has today launched new guidelines to help New Zealanders understand more about how the Commission’s Competition Branch enforces its consumer and competition legislation.

Competition agencies welcome International Cooperation Act

Wed, 17 Oct 2012 00:00:00 +1300

The New Zealand Commerce Commission (NZCC) and Australian Competition and Consumer Commission (ACCC) are today welcoming the passing of legislation arising out of the Commerce Commission (International Co-operation, and Fees) Act.

Commerce Commission welcomes penalties against third tier lender

Thu, 28 Jun 2012 00:00:00 +1200

A third tier lender who breached a number of provisions of the Credit Contracts and Consumer Finance Act (CCCF Act) has been sentenced today in the Christchurch District Court.

"Outrageous" conduct leads to indefinite banning order for lender

Tue, 06 Dec 2011 00:00:00 +1300

The Commerce Commission has welcomed a banning order, the first of its kind issued under the Credit Contracts and Consumer Finance Act, which indefinitely prevents bankrupt and convicted fraudster Trevor Allan Ludlow from setting up, operating or working in the consumer finance industry.

Poor lending practices cost Auckland finance company over $55,000

Mon, 03 Oct 2011 00:00:00 +1300

The Commerce Commission is urging lower-tier lenders to get up to speed with consumer law after an Auckland-based finance company and its director were fined a total of $55,475 in the Auckland District Court on Thursday.

Gyms told to shape up over members contracts

Mon, 01 Aug 2011 00:00:00 +1200

The gym industry is being advised by the Commerce Commission that many gyms may be breaking consumer credit law when customers pay for membership by instalments.

Southern Cross Finance to refund almost $700,000 in unreasonable loan establishment fees

Thu, 03 Feb 2011 00:00:00 +1300

In a settlement with the Commerce Commission, Southern Cross Finance Limited has admitted charging unreasonable loan establishment fees and will refund just under $700,000 to 250 customers it overcharged between July 2006 and October 2009.

Relief for Cantabrians facing debt problems after quakes

Mon, 15 Nov 2010 00:00:00 +1300

Consumers struggling with loan repayments as a result of the Canterbury earthquakes may be able to use provisions in consumer legislation that provide financial relief in circumstances of unforeseen hardship.