Recent developments

False passports used to obtain mortgages
The situation reported in the national press recently of false passports and other identification documents being used to obtain substantial loans is a timely reminder for financial institutions of their obligations in respect of suspicious financial transactions.

Commerce Commission publishes guide to section 45 of CCCFA
The Commerce Commission has recently explained its approach to section 45 of the Credit Contracts and Consumer Finance Act 2003, which relates to fees and charges passed on by a creditor to a debtor under a consumer credit contract.

RBNZ releases finalised outsourcing policy for banks
The Reserve Bank of New Zealand has published its final policy on its requirements for large banks in relation to outsourcing arrangements.

Financial intermediaries update - cabinet agreement
According to an update from the Ministry of Economic Development issued at the end of last year, Cabinet has agreed to the proposed co-regulatory framework under which industry-led approved professional bodies and the Securities Commission (as the government regulator) will work together to regulate financial intermediaries.

Securities Commission commences Cycle 2 of financial reporting surveillance programme
The Securities Commission's review of the standard of financial reporting by New Zealand public securities issuers has moved into its next phase.

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.