Headline: Consumers not a priority for National
The Government’s refusal to prioritise improvements to the Consumer Law Reform Bill and the Credit Contracts and Financial Services Law Reform Bill is letting down consumers, says Carol Beaumont, Labour’s Consumer Rights and Standards spokesperson.
“When the Credit Contracts and Financial Services Law Reform Bill was introduced Labour wrote to Minister of Consumer Affairs, Craig Foss, offering our support for this long delayed legislation, which aims to tackle loan sharks and irresponsible lending.
“The Minister today acknowledged his government is dragging the chain on consumer law reform but refused to commit to a timeline for progress on the issue.
“This is emphasised by the fact National’s Credit Contracts and Financial Services Law Reform Bill in April 2013, still hasn’t had its first reading.
“Consumer credit issues, like dealing with unscrupulous loan sharks and ensuring that provisions are in place to uphold responsible lending, have an important role in tough economic times, when rip-offs, scams and predatory lending are on the rise.
“National has talked a big game on dodgy lenders and modernising consumer law but has failed to follow through with any tangible action for consumers.
“The failure to prioritise consumer protection shows that the acknowledged harm caused to low and middle income families and vulnerable consumers does not matter to the National Government,” Carol Beaumont said.
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