December 2016
Youi insurance fined $320,000 for misleading sales techniques
15 December 2016
Insurance firm Youi NZ Pty Limited (Youi) has today been fined $320,000 in the Auckland District Court for employing misleading sales techniques when attempting to sell policies to consumers who were seeking a quote.
Relates to: Fair Trading, Consumer Credit
"You better watch out" – Christmas shoppers urged
14 December 2016
With the Christmas shopping season in full swing the Commerce Commission is reminding consumers and retailers about consumers' rights when buying goods in store or online.
Relates to: Fair Trading, Consumer Credit
Harmoney fined $292k for misleading marketing campaign
2 December 2016
Peer-to-peer lender Harmoney has today been fined $292,500 in the Auckland District Court for misleading consumers into believing they had been pre-approved for a personal loan.
Relates to: Fair Trading, Consumer Credit
November 2016
Mobile trader owner found guilty after not supplying customers’ goods
29 November 2016
Flexi Buy Limited owner Vikram Mehta has been found guilty under the Crimes Act 1961 of being a party to obtaining money by deception, by making false representations to customers.
Relates to: Fair Trading, Consumer Credit
Payday lender Twenty Fifty Club fined $76K and director banned indefinitely
28 November 2016
South Auckland payday lender Twenty Fifty Club Limited and its sole director Gavin Marsich have been fined a total of $76,000 and Mr Marsich has been banned indefinitely from carrying out any further consumer lending.
Relates to: Fair Trading, Consumer Credit
Retirement villages urged to check their credit law compliance
21 November 2016
The Commerce Commission is reminding retirement villages to ensure their consumer credit contracts and lending practices comply with the law
Relates to: Consumer Credit
October 2016
Ninth mobile trader charged as Commission continues clamp down on non-compliance
18 October 2016
Mobile trader, Bestdeals 4 You Limited (Bestdeals) today pleaded guilty to 19 charges brought by the Commerce Commission relating to the layby sales agreements and consumer credit contracts it offered customers.
Relates to: Consumer Credit
Commission obtains highest penalties yet against mobile traders
6 October 2016
Mobile traders Ace Marketing Limited and Smart Shop Limited (trading as SmartStore) have been fined $150,000 and $135,000 respectively after being sentenced in the Auckland District Court.
Relates to: Fair Trading, Consumer Credit
September 2016
Commission consulting on credit fees guidelines
7 September 2016
The Commerce Commission has released updated draft guidelines designed to assist lenders when setting credit fees.
Relates to: Consumer Credit
August 2016
Energy retail contracts reviewed by Commission for unfair terms
30 August 2016
As part of an ongoing review of standard form consumer contracts, the Commerce Commission has released a report detailing its findings in the energy retail sector.
Relates to: Fair Trading, Consumer Credit
Commission asks the Court to clarify how credit law applies to Harmoney
29 August 2016
The Commerce Commission has filed civil proceedings in the Auckland High Court asking the Court questions about how the Credit Contract and Consumer Finance Act 2003 (CCCFA) applies to consumer loans entered into with peer-to-peer lender Harmoney Limited.
Relates to: Consumer Credit
$1.5 million in fees and interest returned to borrowers after insufficient disclosure
24 August 2016
Lenders Adelphi Finance Ltd and Shaw Personal Finance Ltd have refunded customers or reduced customer account balances by over $1.4 million and $100,000 respectively after the Commission warned they were likely to have breached consumer credit laws.
Relates to: Consumer Credit
Commission files charges against Auckland mobile trader, Zee Shop
23 August 2016
Mobile trader Zee Shop Limited (Zee Shop) appeared in the Auckland District Court today in relation to 15 charges brought by the Commerce Commission relating to its lending practices.
Relates to: Consumer Credit
Acute Finance charged over unreasonable fees and repayment waiver
18 August 2016
Acute Finance Limited (Acute) has pleaded not guilty to five charges brought by the Commerce Commission under the Credit Contract and Consumer Finance Act 2003 (CCCFA) about its credit fees and its repayment waiver.
Relates to: Consumer Credit
Commission files charges against Harmoney over marketing campaign
1 August 2016
The Commerce Commission has filed Fair Trading Act charges in the Auckland District Court against peer-to-peer lender Harmoney alleging it misled consumers into believing they had been pre-approved for a personal loan.
Relates to: Fair Trading, Consumer Credit
July 2016
Budget Loans and Evolution Finance found guilty on 106 FTA charges
15 July 2016
Finance companies Budget Loans Limited and Evolution Finance Limited have been found guilty in the Auckland District Court on 106 charges brought by the Commerce Commission under the Fair Trading Act.
Relates to: Fair Trading, Consumer Credit
SmartStore charged over its customer agreements
12 July 2016
Mobile trader, Smart Shop Limited (trading as SmartStore) yesterday pleaded guilty to 11 charges brought by the Commerce Commission for its loan contracts and extended warranty agreements.
Relates to: Fair Trading, Consumer Credit
June 2016
First mobile traders sentenced under new laws with increased penalties
15 June 2016
Mobile traders Goodring Company Limited (Goodring) and Betterlife Corporation Limited (Betterlife) have been fined a total of $171,500 after being sentenced in Auckland District Court.
Relates to: Consumer Credit
May 2016
Napier lender, Cash to You Loans, appears in court
23 May 2016
Lower-tier finance company, Cash to You Loans Limited, has appeared in the Napier District Court on 32 charges brought by the Commerce Commission relating to its lending business.
Relates to: Consumer Credit
Supreme Court backs Commission in significant credit law case
12 May 2016
The Supreme Court has dismissed Motor Trade Finance Limited (MTF) and Sportzone Motorcycles Limited’s second and final appeal in the long-running credit fees case brought by the Commerce Commission, providing the definitive ruling on a key piece of credit law.
Relates to: Consumer Credit
Lenders must repay all fees and interest if they don’t comply with disclosure rules
4 May 2016
The Commerce Commission is reminding lenders that failing to disclose key information to borrowers in their consumer credit contracts could result in the repayment of all fees and interest on each loan for the period until disclosure is corrected.
Relates to: Consumer Credit
April 2016
Three mobile traders plead guilty to Commission charges
14 April 2016
Three mobile traders, commonly referred to as truck shops, have pleaded guilty to charges brought by the Commerce Commission relating to their lending practices.
Relates to: Consumer Credit
Commission signs cooperation arrangement with Canadian Competition Bureau
13 April 2016
Commerce Commission Chairman Dr Mark Berry has today signed a mutual cooperation arrangement with Canadian Competition Bureau Commissioner John Pecman to further enhance their collaboration on cross-agency competition matters.
Relates to: Fair Trading, Consumer Credit, Business Competition
Christchurch car finance company to repay customers
6 April 2016
The Commerce Commission has reached a settlement with motor vehicle lender, Dealer Finance Limited (Dealer Finance), to pay back or credit at least $440,000 to customers who were overcharged interest on their loans from 2005.
Relates to: Consumer Credit
March 2016
Insufficient disclosure results in over $100,000 in refunds
17 March 2016
Payday lender, Cash in a Flash, has refunded customers or reduced customer account balances by a total of $122,365 after the Commerce Commission warned it was likely to have breached consumer credit laws.
Relates to: Fair Trading, Consumer Credit
New animations campaign aims to empower borrowers
7 March 2016
The Commerce Commission has today launched an original animated series to raise awareness of consumer rights.
Relates to: Fair Trading, Consumer Credit
