$10 milk price still in sight despite global dairy markets softening
A $10 milk price remains on the cards for this season despite recent softening of global dairy prices.
The Commission says it believes Westpac failed to invest in adequate systems and processes to ensure it complied with its CCCFA obligations.
The Commerce Commission has announced that it has filed proceedings against Westpac New Zealand.
According to the filing, the bank allegedly breached lender responsibility principles, after multiple failures meant customers did not receive legally required information about their loans and, in some cases, agreed interest rate discounts.
Vanessa Horne, the Commerce Commission’s general manager, competition, fair trading and credit, says the Commission expects banks to invest in robust compliance practices to ensure they are compliant with the Credit Contracts and Consumer Finance Act 2003 (CCCFA).
Horne says banks’ failure to do so can have a detrimental effect on their customers and deprive people of crucial information they are entitled to.
The Commission says it believes Westpac failed to invest in adequate systems and processes to ensure it complied with its CCCFA obligations.
It states that these failures led to a lack of required disclosure to borrowers and guarantors and failing to apply agreed discounts to interest rates to some customers’ home loans.
The bank has subsequently admitted to the breaches and is finalizing its remediation for impacted borrowers.
The Commission is seeking declarations that Westpac breached the responsible lending principles and pecuniary penalties. Westpac and the Commission entered into a settlement agreement prior to filing the proceedings to conclude matters on these terms.
The responsible lending principles impose obligations on lenders when advertising, before entering into a loan, and during all subsequent dealings with borrowers and guarantors.
Following recent storms in the region, the 69th edition of the Tour of Southland cycling event has been postponed.
A function at Parliament on 7th October brought together central government decision-makers, MPs, industry stakeholders and commercial partners to highlight the need for strategic investment in the future of Fieldays and its home, the Mystery Creek Events Centre campus.
The Government's revised 2050 biogenic methane target range of 14-24% by 2050 is being welcomed by dairy farmers.
An increasing number of students are doing agricultural and horticultural degrees at Massey University by distance learning.
ANZ New Zealand is encouraging farmers and businesses impacted by the recent extreme weather that hit Southland and South Otago last week to seek support if they need it.
When Professor Pierre Venter takes up his new role as vice chancellor at Massey University next February it will just be a matter of taking a few steps across the road to get to his new office at the Palmerston North Campus.

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