Fair Trading media releases

December 2014

ASB to pay $3.2m in interest rate swaps case

24 December 2014

The Commerce Commission has reached a $3.2 million settlement with ASB Bank Limited in relation to its marketing, promotion and sale of interest rate swaps to rural customers between 2005 and 2009.

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Commerce Commission files criminal proceedings against Auckland finance companies

17 December 2014

The Commerce Commission has filed criminal proceedings in Auckland District Court against finance companies Budget Loans Limited and Evolution Finance Limited, alleging their repossession and debt recovery practices breached the Fair Trading Act.

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Wild Nature sentencing concludes souvenir company prosecutions for misleading tourists – total fines imposed reach $1 million

12 December 2014

Auckland souvenir company Wild Nature NZ Limited and its director Mr Sung Ho (Stanley) Park have been fined $243,444 and $25,000 respectively in the Auckland District Court after pleading guilty to over 30 charges of making false representations about expensive alpaca and merino wool products for sale to tour groups.

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ANZ to pay $19 million in interest rate swaps case

3 December 2014

The Commerce Commission has reached a $19 million settlement with ANZ Bank New Zealand Limited (ANZ) in relation to the marketing, promotion and sale of interest rate swaps to rural customers between 2005 and 2009.

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October 2014

Souvenir company BGV International fined for misleading tourists

24 October 2014

Auckland souvenir company BGV International Ltd has been fined $22,000 in the Auckland District Court for misleading Asian tour groups about the country of origin of expensive alpaca rugs.

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High Court credit fees judgment clarifies rules for lenders

22 October 2014

The High Court yesterday released a judgment that further clarifies the rules that lenders must comply with when charging credit fees to borrowers.

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Finance company to refund customers $3.3 million

7 October 2014

Broadlands Finance Limited will repay 807 customers approximately $3.3 million in overcharged interest and fees, as a result of a settlement between Broadlands and the Commerce Commission.

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August 2014

Commerce Commission launches website for health sector

19 August 2014

The Commerce Commission has today launched a new website aimed at helping the health sector understand more about competition and consumer laws and what they need to do to comply.

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Telemarketing company fined almost $170K for misleading claims and “slamming” customers

15 August 2014

Telemarketing company Power Marketing Limited has been fined $168,750 after pleading guilty in the Auckland District Court today to 23 charges under the Fair Trading Act. The charges related to misrepresentations the company made during telemarketing calls on behalf of telecommunications company Slingshot.

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Court upholds souvenir sentences

8 August 2014

The High Court has rejected an appeal by four companies and four individuals who were convicted and fined a total of $601,900 for selling visiting Asian tourists imported alpaca goods as “Made in New Zealand”, and making claims that duvets were 100% alpaca or merino wool when they were not.

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Forest Hill Farm owner sentenced to home detention for free range egg deception

5 August 2014

Mr John Garnett, owner of now-defunct Northland egg producer Forest Hill Farm, has been sentenced to 12 months home detention and 200 hours community service in the Whangarei District Court today for falsely packaging and selling cage eggs as free range or barn-laid eggs.

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July 2014

Commission consulting on guidelines about unfair contract terms

31 July 2014

The Commerce Commission has today released draft guidelines on the new provisions of the Fair Trading Act dealing with unfair contract terms.

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Commission reminds consumers to watch out for in-app purchases

10 July 2014

The Commerce Commission is today reminding consumers about the potential to accidentally make in-app purchases when using applications (apps) on their mobile devices.

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June 2014

Commission encourages New Zealanders to know their rights

17 June 2014

On the day of significant changes to consumer law coming into effect, the Commerce Commission is encouraging New Zealanders to make sure they know their consumer rights.

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Commerce Commission supports Fraud Awareness Week

3 June 2014

The Commerce Commission is urging people to wake up to scammers and remember the old adage; if it looks too good to be true, it probably is.

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May 2014

Commerce Commission cracks pyramid selling scheme

30 May 2014

The Commerce Commission is urging people to be wary of get rich quick schemes after three businessmen were convicted and ordered to pay $140,000 in the Auckland District Court for promoting the Fastrack90 pyramid scheme, in breach of the Fair Trading Act.

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Commerce Commission seeks further complainants in farming swaps case

9 May 2014

The Commerce Commission is asking for any remaining rural customers who have concerns with the way that interest rate swaps were sold to them to come forward.

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Commerce Commission launches website for construction industry

7 May 2014

The Commerce Commission will today launch a new website for the construction industry. The website will help industry members increase their understanding of competition and consumer laws so they can improve their compliance.

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April 2014

Commission urges businesses to know, and follow, the law over Easter

17 April 2014

Easter Saturday and Sunday are not public holidays, casual staff may not be covered under the Holidays Act and businesses must not mislead customers when applying a surcharge.

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Interest rate swaps case – further information being assessed

2 April 2014

The Commerce Commission has announced that it is currently assessing new information received concerning the banks involved in the interest rate swaps investigation.

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Vehicle finance company and director fined for ‘vehicle-go-round’

1 April 2014

Mt Maunganui finance company MAC Warranties Ltd (MAC) has today been fined $42,250 in the Auckland District Court for 17 breaches of the Fair Trading Act (FTA). MAC’s director and shareholder Alan Spiers has been fined $22,750 for a further 11 breaches.

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February 2014

Commission issues penny-auction website warning - 'DealSave'

21 February 2014

The Commerce Commission is warning consumers to be aware of the penny-auction website ‘DealSave’ (www.mydealsave.com), as it has concerns about the site which runs auctions for electronic items such as cameras, tablets, phones and televisions.

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January 2014

Finance company fined for its part in toxic water claims investigation

24 January 2014

Auckland based finance company Tiny Terms Limited has been fined $77,200 in the Auckland District Court today for its part in the door to door sale of water filters by Love Springs Limited.

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Commission settles with Vodafone over ‘Broadband Lite’ promotion

16 January 2014

Vodafone NZ Limited has paid out $268,231 to customers in a settlement reached with the Commerce Commission concerning the company’s promotion of the “Broadband Lite” service.

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