Finsec report calls for extreme makeover of finance regulation

Our Better Banks: Agenda for Change goal of fair lending laws took a major step forward last week the the release of our report recommending a major overhaul of the regulation governing lending by financial institutions and proposing the establishment of a new agency to act as a watch dog of the industry. A copy of the report can be found on the front page of the Finsec website www.finsec.org.nz

The report was launched in the Beehive in an event hosted by Green MP Sue Bradford and addressed by the Minister of Consumer Affairs, the Hon. Judith Tizard.

“Urgent action is needed to clean up the unfair and unethical aspects of New Zealand’s lending market. We recommend the establishment of a lending code and a social responsibility code that all lenders must follow, and setting up a watch dog agency focused on ensuring all lenders adhere to the codes,” said Andrew Campbell, Finsec Campaigns Director.

Media coverage of the launch can be found at the links below.

http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10525693

http://www.stuff.co.nz/4646059a13.html

http://www.radionz.co.nz/__data/assets/audio_item/0012/1693587/mnr-20080807-0615-Finance_Workers_Union_Calling_For_Overhaul-wmbr.asx

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