Credit Law and Responsible Lending Update
The long-awaited changes to the CCCFA have arrived! Join an expert panel, including the Financial Markets Authority, and explore the changing credit law landscape. You will examine reforms to credit contracts and consumer finance, understand the impact of BNPL and consumer debt and receive a comprehensive update on digital payments. Walk away with the specific information you need to stay informed in this increasingly complex financial environment. WEB223NZA46
Description
Attend and earn 3 CPD hours
Chair: Ben Upton, Partner, Simpson Grierson
1.15pm to 2.00pm Update from the Financial Markets Authority: Conduct of Financial Institutions (CoFI) and the Financial Advice Regime (FA regime)
Presented by Gareth Bostock, Head of Banking & Insurance Conduct and
Michael Hewes, Head of Financial Advice, Financial Markets Authority l Te Mana Tatai Hokohoko
2.05pm to 2.50pm Credit Contracts and Consumer Finance Act 2003: Implementation Amendments
- New disclosure standards
- Chapter 12 of the Revised Responsible Lending Code
- Implementation of Responsible Lending Amendments
- Suitability, affordability & record-keeping
- Uplift and the other new disclosures in the Act
- Complaint handling
- Financial mentoring
- Debt collection disclosure
Presented by Mary-Ellen Kenyon, Special Counsel – Consumer Legal Services, BNZ
2.55pm to 3.40pm BNPL (Buy Now Pay Later) and Consumer Debt
- Overview of the BNPL industry
- How BNPL is currently regulated
- Why BNPL schemes are not caught by the CCCFA
- Changes ahead: regulation of BNPL merchant fees
Presented by Richard Massey, Senior Associate, Bell Gully
3.45pm to 4.30pm Digital Payments Update
Join Gary Hughes who will provide a comprehensive update on digital payments and their effect on the credit sector.
· The law & regulation of payments and international remittance
· RBNZ development of payment frameworks and possible CBDC
· Virtual Assets, Cryptocurrencies and NFTs
· Coding and codes of conduct (i.e. Smart Contracts)
· Sprinkled with some AML-CFT, Fraud & Financial Crime, FATF, Russian Sanctions…
Presented by Gary Hughes, Barrister, Akarana Chambers [FROM Easter 2022, at Britomart Chambers]
Learning Objectives:
- Receive a timely update from the Financial Markets Authority
- Understand of the key changes to the CCCFA and associated Regulations
- Receive an important update on digital payments
- Understand the issues and risks associated with BNPL
Presenters
Ben Upton
Ben is a partner and specialist litigator in the banking and finance department at Simpson Grierson. He has extensive experience in complex commercial, banking, and insolvency disputes. Ben advises on all aspects of banking, finance, and insolvency law. He regularly appears as counsel in the New Zealand courts at all levels. He has acted as counsel in numerous mediations, arbitrations, and adjudications. Ben has a particular interest in credit law and lender conduct and has acted for a number of financial institutions in important cases in this area, to include GE Capital in GE Custodians v Bartle (NZSC), Westpac Bank in Westpac v Gardiner (NZCA) and more recently for ASB in Mills v ASB (NZHC). He presented on the same topic last year and will aim to provide comment on what has happened since then and insight into what 2021 and beyond may bring.
Michael Hewes
Prior to joining the FMA, Michael spent 20 years in the life insurance industry [locally and throughout Asia] working across a wide range of roles including Product, Distribution and Marketing. Currently Manager, Supervision, at the FMA he leads a team responsible for monitoring FA, FMCA and Supervisor licence holders. His team have also published several recent thematic studies [Cyber Resilience & Derivatives Sector Risk]. Michael and his team and integrally involved with FSLAA implementation, having previously worked on the Digital Advice Exemption Program. Michael was the co-author of the 2019 Insurance Conduct and Culture report in conjunction with the RBNZ.
Mary-Ellen Kenyon
Mary-Ellen is an experienced financial services lawyer with 20 years’ experience in Aotearoa and internationally. Mary-Ellen has a broad range of legal experience across financial services, litigation and international joint ventures for large multinational corporations. In Aotearoa, Mary-Ellen has been principally focused on consumer lending for the past 7 years and is now Special Counsel - Consumer at BNZ. Mary-Ellen is also an NZBA representative member of the Responsible Lending Code Advisory Group and is passionate about financial wellbeing for consumers, increasing financial literacy, addressing economic abuse and the use of behavioural economics to help people to create brighter financial futures.
Richard Massey
Richard is a Senior Associate in Bell Gully’s litigation team. He specialises in consumer law and has acted for a range of clients on issues under the Credit Contracts and Consumer Finance Act and the Fair Trading Act. Richard frequently advises on credit matters, including responsible lending, disclosure and credit fees, as well as broader consumer issues including unfair contract terms and online contracts. Before joining Bell Gully, Richard worked at Slaughter and May in London, where he acted on a range of complex contractual disputes and regulatory investigations.
Gary Hughes
Gary has a legal practice covering a wide range of regulatory issues and proceedings. He takes briefs ranging from handling investigations and providing compliance advice through to court prosecution, appeals or judicial review. Gary is a competition/antitrust expert with over 20 years’ experience and is also widely regarded as New Zealand’s leading Anti-Money Laundering lawyer, having worked on specialist AML/financial crime matters since 2007. Before commencing practice as a barrister, Gary was a partner at top litigation boutique Wilson Harle. His experience also includes leading national firms (Chapman Tripp) and global firms (Clyde & Co, London). His work has been ranked by leading lawyer guides including Chambers, Legal 500, Global Competition Review, Who’s Who Legal, and AsiaLaw Profiles
Gareth Bostock
Gareth has a diverse background in law enforcement in the UK and NZ, specialising in fraud investigation as an investigator and then a lawyer: Immigration NZ, Serious Fraud Office, Customs NZ. In 2013, Gareth refocused on leadership and being a regulatory professional, preferring to put his attention at being the fence at the top of the regulatory cliff, rather than the ambulance at the bottom. This culminated in him leading the Gambling Directorate at the Department of Internal Affairs as the Director, Gambling Group. Gareth has been at the FMA for 3 years as Head of Evidence and Investigations and then Head of Banking & Insurance Conduct. In this current role, Gareth is responsible for leading a small team of four to implement the COFI regime; including supporting MBIE policy development and developing and implementing the delivery of the regime.