Media Releases

“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.

Rugby World Cup 2011 – Commerce Commission focuses on fair play

Mon, 01 Nov 2010 00:00:00 +1300

The Commerce Commission is taking a close interest in ensuring businesses cashing in on the opportunities presented by the Rugby World Cup 2011 play by the rules.

Bluestone applications declined

Fri, 29 Oct 2010 00:00:00 +1300

The High Court in Auckland has declined applications by Bluestone Mortgages NZ Limited and two other entities for leave to apply for summary judgment, and alternatively to strike out claims brought by the Commerce Commission.

Refunds for second tier home loan borrowers

Thu, 21 Oct 2010 00:00:00 +1300

The Commerce Commission has entered into a settlement with New Zealand Guardian Trust Company resulting from an investigation into break fees. The settlement will see 77 affected consumers sharing refunds of $165,000.

Budget Loans pleads guilty to misleading – $500,000 returned to consumers

Mon, 26 Jul 2010 00:00:00 +1200

Budget Loans Limited has pleaded guilty to 34 charges of breaching the Fair Trading Act in the Auckland District Court today. The charges relate to misleading claims made by Budget Loans that it was entitled to recover certain interest and fees from its debtors, when as a matter of law it was not. Budget Loans have been fined $30,750.

Commerce Commission directs payment of $45 million to ANZ/ING investors

Wed, 21 Jul 2010 00:00:00 +1200

The Commerce Commission has determined the payment method for distribution of the $45 million settlement fund agreed with ANZ National Bank Limited (ANZ) and ING (NZ) Limited (ING) in respect of the ING Diversified Yield Fund (DYF) and ING Regular Income Fund (RIF).