Section: Business > National On Page: 11 Two companies have been fined a total of $118,000 for importing toys that were unsafe. Greenstar Holdings Ltd was fined $54,000 in the Manukau District Court, after it admitted four representative charges relating to the supply of 217 toy animal sets.
Kiwibank is to pay out $5.2 million to over 48,000 home loan borrowers after it reached a settlement agreement with the Commerce Commission over a self-reported system failure. The commission said in a statement it had reached an agreement with the state-owned bank on August 27 after Kiwibank admitted it had failed to act with the care, diligence and skill or a responsible lender.
Credit: Digical The Commerce Commission has told NZ’s mobile network operators they should provide more meaningful comparison information and guard against overspending by consumers. In an open letter to Spark, Vodafone and 2degrees, the regulator outlined its review of nearly 80,000 consumer mobile bills, which followed on from its 2019 study into the state of competition in the mobile market.
The Commerce Commission has released its first paper for fibre price-quality and information disclosure regulation, setting out the proposed process and approach to regulating telecommunications companies that provide fibre access services in New Zealand.
Two Hamilton real estate agencies have been fined $4 million for price fixing. The High Court at Auckland ordered Lodge Real Estate Limited (Lodge) to pay $2.1m and Monarch Real Estate Ltd (Monarch) to pay $1.9m for breaching the Commerce Act. A penalties hearing was held last Friday and the orders bring to an end court proceedings the Commerce Commission first filed in 2015.
High-cost, short-term lender Pretty Penny has agreed to write off all outstanding loan balances after reaching a settlement with the Commerce Commission. In a statement, the commission said Quadsaa Pty, trading as Pretty Penny, had signed a court-enforceable undertaking that it would no longer advertise for, invite or enter into consumer loans in New Zealand and would not provide any information about borrowers to third parties, unless required to by law.
Payday lender admits irresponsible lending, repays costs ComCom settled with Ferratum, a Finnish-owned, Frankfurt-listed finance company. Tue, 30 Jun 2020 Tue, 30 Jun 2020 Commerce Commission chair Anna Rawlings High-cost lender Ferratum has admitted breaching responsible lending provisions and has settled with the Commerce Commission.
A company owner who used a nose bleed test to gauge the potency of his deer velvet supplements was ''deliberate'' in using less than the stated amount, a judge has ruled. The supplements, marketed under the brand name Silberhorn and previously endorsed by the likes of Sir Bob Charles, were sold by Invercargill-based company Gateway Solutions Ltd, formerly trading as Silberhorn Ltd.
Some Otago households will pay up to $360 more for their power in the coming years if an Aurora Energy pricing proposal is approved. The company has sent to the Commerce Commission its proposal to lift prices across its three networks to help pay for the company’s infrastructure.
The Commerce Commission has released guidelines on its approach to authorising some agreements as a result of temporary changes made to the Commerce Act under the Covid-19 Response Act. The regulator can grant authorisation for agreements between businesses or individuals that are anti-competitive but are otherwise in the public interest.
