Credit Law Symposium
The much-awaited amendments to the CCCFA regime are finally here. The responsible lending rules have been amended, the unfair contracts regime has been changed; a lot has happened this year. Attend this full day intensive and walk away with a comprehensive understanding of all the new changes impacting the credit industry. Hear directly from the regulators, bankers, and lawyers and their perspectives on the reforms, the practical applications, and implications for the future. 2211NZA08
Description
Attend and earn 7 CPD hours
Chair: Dione Miller, Head of Legal - Dispute Resolution, Investigations and Regulatory, Bank of New Zealand
9.00am to 10.00am CCCFA Reflections and Crystal Ball Gazing- A Panel Discussion
Explore the changes brought about by Credit Contracts and Consumer Finance Act and share future thoughts from different perspectives.
Facilitated by Deidre Sang, Senior Legal Counsel and Toni Sythes, Senior Legal Counsel, Kiwibank
Panel members include:
Crystal Euden, Chief Legal Counsel Credit, Commerce Commission NZ
Emmeline Rushbrook, Partner, Russell McVeagh
Lyn McMorran, Executive Director, Financial Services Federation
Jake Lilley, Senior Policy Advisor, FinCap
10.00am to 11.00am Update from the Banking Ombudsman Scheme, New Zealand
Analyse the impact of consumer credit law reforms on complaints
- An overview of our role and work
- Insights from our complaint data
- A case example
- Sharing insights to influence policy
Presented by Erica Penney, Policy and Systemic Issues Manager, Banking Ombudsman Scheme
11.00am to 11.15am Morning Tea
11.15am to 12.15pm Emerging Insurance Risks Impacting Credit (risk) and Cyber Security
- What is credit risk insurance?
- Cyber insurance – do I need it?
- What is the risk and how bad is it?
- Greater connectivity = greater risk! The post COVID workplace and its effect on risk.
- It won’t affect me!!!! Some claims examples
Presented by Brad Cuff, Barrister, Capital Chambers
12.15pm to 1.15pm Changes to the Unfair Contract Terms Regime: Risks and Complexities
- Extension of UCT to small trade contracts
- Prohibition on unconscionable conduct in trade – broader application than UCT regime under FTA
Presented by Kate Lane, Partner and Sean Dolan, Senior Associate, MinterEllisonRuddWatts
1.15pm to 2.00pm Networking Lunch
2.00pm to 3.00pm Buy Now Pay Later: regulatory change ahead
This session will explore:
- An overview of the BNPL industry and how BNPL works
- How BNPL is currently regulated, and why BNPL schemes are not currently subject to the CCCFA
- Changes ahead: the Government's plans for regulating the BNPL sector under the CCCFA
- Implications for the BNPL sector, and for other lenders.
Presented by Richard Massey, Senior Associate, Bell Gully
3.00pm to 4.00pm Conduct, Culture, and Financial Crime – where will it turn next?
- COFI update - ensuring conduct and client-care obligations of financial services providers and the regulation of financial markets remain fit for purpose
- Misuse of financial service providers register by offshore entities
- Licensing, registration, and disclosure requirements
- Standard conditions and self reporting
- Statutory Review of the AML/CFT Act 2009
Presented by Gary Hughes, Barrister, Britomart Chambers
4.00pm to 4.15pm Afternoon Tea
4.15pm to 5.15pm Digital assets and DeFi
Decode the current and future developments in digital assets and DeFi that will affect the credit and banking sector in NZ
- The use of cyrptoassets, NFTs and stablecoins in DeFi
- Collateralising real world assets in DeFi
- The role of Decentralised Autonomous Organisations in DeFi
- How traditional finance of TradFi is currently using DeFi
Presented by Simon Akozu, Partner - Tax and Bryan Ventura, Senior Associate - Financial Services, MinterEllisonRuddWatts
5.15pm Closing Comments from the Chair
Learning Objectives:
- Gain a thorough summary of all the changes brought about by the CCCFA directly from the Commerce Commission and Financial Services Federation.
- Learn how the credit reforms have impacted the complaints process and gain insights from the Banking Ombudsman Scheme.
- Discover all the changes to the responsible lending rules and what it means for you as a lender and consumer.
- Interpret all the amendments to the Unfair Contract Terms regime.
- Understand the current volatility with the BNPL system and proposed reforms.
- Decode all the nuances of credit risk insurance and understand whether you need cyber insurance.
- Analyse the current developments in fintech and gaze into what the future holds.
Presenters
Dione Miller
Dione is BNZ’s Head of Legal – Dispute Resolution, Investigations and Regulatory. Dione’s role covers a range of areas including financial services regulation and compliance, consumer credit, financial crime, dispute resolution, ESG and governance. Before moving to BNZ in 2014, she worked in private practice with a strong commercial focus on financial services, securities enforcement, and consumer protection, and advised the receivers of several finance companies which collapsed following the GFC. Dione also holds a board position for a Wellington-based not for profit organisation.
Deidre Sang
Deidre is a Senior Corporate Lawyer in the Legal Services team at Kiwibank. Kiwibank is a purpose led bank passionate about creating a sustainable future by making Tamariki, Kiwi and Aotearoa better off. Deidre has extensive experience working within the banking industry, providing advice across a broad range of complex banking issues. She has a particular interest in consumer law, and has been closely involved in the implementation of the recent changes to the CCCFA. Prior to moving inhouse, Deidre worked in private practice primarily in banking litigation, as well as general commercial law.
Crystal Euden
Crystal is the Chief Legal Counsel – Credit for the Commerce Commission. She brings a wealth of consumer law, civil litigation and regulatory experience to the panel discussion at our Annual Credit Law Symposium. Crystal joined the Commission at the beginning of 2016 and has worked exclusively in the consumer credit space in that time. Prior to joining the Commission, Crystal worked in London and acted for Barclays before moving in-house to join HSBC. Prior to that Crystal was in the Commercial Disputes Resolution team at DLA Piper in Auckland (formerly DLA Phillips Fox).
Emmeline Rushbrook
Emmeline specialises in commercial litigation, contentious and non-contentious financial services matters, and public/administrative law. She advises on regulatory and internal investigations for a range of banks and insurers and brings a global perspective to her practice having worked in both the UK and New Zealand. Emmeline was recognised at the Asia Women in Business Law Awards as Winner 'Best in Financial Regulation' for the Asia-Pacific region in 2021.
Lyn McMorran
Lyn McMorran is the Executive Director of the Financial Services Federation, the industry body representing responsible finance, leasing, and credit-related insurance providers of New Zealand. Prior to that she was Area Manager for Westpac’s Private Bank in the Lower North and South Islands running a team of Private Advisers and support staff providing comprehensive financial planning advice to portfolios of private banking clients. Lyn has been a financial services professional for over 20 years with a particular interest in ensuring that all New Zealanders have access to appropriate financial advice and finance products provided responsibly. She holds a Graduate Certificate in Management from Charles Sturt University in Australia, a Graduate Diploma in Business Studies from Massey University, is a Chartered member of the New Zealand Institute of Directors and a Fellow of Financial Advice New Zealand. She is a Commissioner for the Insurance and Financial Services Ombudsman disputes resolution scheme and President of the Australasian Society of Association Executives. Lyn also sits on the Ministry of Business, Innovation and Employment’s Responsible Lending Code Advisory Committee.
Jake Lilley
Jake Lilley is a Senior Policy Advisor at FinCap, an NGO supporting financial mentors across Aotearoa. In this role he works with financial mentors all over Aotearoa to identify systemic issues causing whānau to face hardship. He then pursues opportunities to effectively resolve these systemic issues. Work relating to our safe lending laws, getting consistently effective assistance from businesses for people unable to pay, getting guaranteed access to life’s essentials for all and towards regulation to ensure fair debt collection have been key focus areas over recent years. Jake has also previously worked at the Consumer Action Law Centre in Melbourne with a focus on ensuring fair access to essential energy services. All of this mahi has involved pointing out the avoidable harm to communities that can be countered by properly considering the many reasons why anyone of us could find ourselves unable to pay.
Erica Penney
Erica is the Banking Ombudsman Scheme’s Policy and Systemic Issues Manager. She is responsible for identifying and actioning wider issues affecting banking customers. This includes raising consumer awareness of common banking problems, sharing insights with banks to help avoid preventable complaints, submitting to government on policy issues affecting bank customers, and ensuring systemic issues are appropriately remediated and reported to regulators when required. She works closely with the Banking Ombudsman and key stakeholders to develop and deliver these and other strategic outcomes. Erica is passionate about social justice and fair outcomes. She holds a Bachelor of Arts in Political Science and History from the University of Canterbury and a Bachelor of Laws from Victoria University of Wellington. She joined the Banking Ombudsman Scheme’s resolution team in 2012, rising to Senior Investigator in 2018. She has expertise in a wide range of banking and legal topics, in particular on bank liability for fraud and scam losses. In 2021 she had a ten-month stint at MBIE where she helped lead the MIQ complaints team and designed new resolution processes. She returned to the Banking Ombudsman Scheme in late 2021 to lead its policy and systemic issues work, and now also leads its wider prevention activities.
Kate Lane
Kate is a highly experienced banking and finance lawyer who provides specialist advice to financiers, borrowers, and other market participants. Kate advises across a broad range of areas, from institutional finance to consumer finance. Her clients include all of New Zealand’s major banks, a variety of listed and other major companies, investment banks, and other financial institutions. Clients value Kate’s combination of legal technical excellence and commercial understanding of their complex financing needs. This includes expertise in asset, corporate and acquisition finance, securitisation and receivables finance, derivatives, syndicated lending, and debt capital markets transactions. Kate enjoys working with clients on critical and reputational matters, large and complex deals, and “New Zealand firsts” such as this country’s first environmental, social and governance (ESG) loan and its first social loan. She has a particular personal interest in ESG finance. Kate also specialises in advising financial institutions on compliance and risk issues and achievement of good customer outcomes. She understands the complexities of bank systems and frameworks and has significant experience of managing change projects within the finance industry. This is informed by her deep understanding of New Zealand’s banking legislation and regulatory framework. Her expertise includes the Personal Properties Securities Act (PPSA), Credit Contracts and Consumer Finance Act (CCCFA) (including the Responsible Lending Code), Fair Trading Act (FTA), Financial Markets Conduct Act (FMCA), Reserve Bank of New Zealand Act, and the Reserve Bank’s BS11 Outsourcing Policy. Recognised in all key international directories as a leader in her field, Kate is considered a trusted adviser by clients. As one client says: “Kate Lane stands out as someone who has a real interest in understanding the commercial drivers behind any piece of work and is quickly able to combine that understanding with her obvious legal expertise to drive an efficient result. With any piece of work, Kate will always consider the broader legal implications for our business and flag these, making her a valuable adviser for our business.’ – The Legal 500 Asia Pacific 2022. Kate was named as an IFLR1000 Women Leader for 2021 and 2022 and is the only New Zealander listed for banking and finance in the Expert Guides: Women in Business Law directory. In her role as an advisory board member to ArcAngels, a platform dedicated to connecting female entrepreneurs to investors, Kate is actively involved in promoting women and diversity in business. She has international experience through five years in the banking and finance team at Clifford Chance in London.
Sean Dolan
Sean is a banking and finance lawyer with broad expertise in both transactional and advisory work in the financial services industry. He has proven expertise in assisting banks and other financial institutions with regulatory and compliance projects. His work has assisted clients achieve good customer outcomes in addition to compliance in a fast-changing regulatory environment. These projects often focus on consumer protection legislation, including the Credit Contracts and Consumer Finance Act (CCCFA) and the Fair Trading Act (FTA). Sean also specialises in insolvency and restructuring matters. He has acted for banks, receivers, and liquidators in a number of high profile matters and restructuring transactions. He is experienced in a wide range of financing transactions, including property finance, development finance, and project finance matters. In addition to his work in relation to consumer protection law and reform, Sean advises on the Personal Property Securities Act (PPSA) and the Property Law Act (PLA). Having had previous roles in litigation / dispute resolution, Sean brings a valuable perspective to complex risk and compliance matters. Secondment experience at major banks has also provided him with great insight into the inner-workings and operational challenges faced by financial institutions. He works closely with colleagues from other teams within the firm including litigation, corporate, and property to provide comprehensive advice. Sean is known for his sound legal judgment and his strong communication skills. He works to form strong relationships with his clients which enable him to understand an organisation’s key concerns and commercial drivers. Clients praise the clarity and ‘solution-focused’ nature of Sean’s advice and his measured and considered approach to his work. Sean is a regular contributor to internal and external presentations and trainings. He also plays an important role as a mentor to junior solicitors in the Banking and Financial Services team. He is a member of the Restructuring, Insolvency & Turnaround Association New Zealand Inc (RITANZ) and the Pacific Lawyers Association (PLA).
Richard Massey
Richard is a Senior Associate in Bell Gully’s Consumer, Regulatory and Compliance 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 Hughes is a senior independent lawyer at Britomart Chambers providing advocacy and strategic risk management advice, specialising in all types of regulatory investigations and cases. Deep expertise is available in Commerce Commission, Financial Markets Authority, Serious Fraud Office, AML Supervisors / Police FIU cases, as well as privacy and Insurance law issues. Gary’s career experience includes working at Phillips Fox, Chapman Tripp, and Clyde & Co (London), and as partner at top boutique firm Wilson Harle, before joining the independent bar in 2016. Well-known for expertise in regulatory and public law disputes, Gary is also widely regarded as NZ’s most experienced AML/CFT lawyer. Immersed in the area since 2008, he wrote an AML textbook for the legal profession (Thomson Reuters Westlaw, 2018), was appointed Chair of the International Bar Association’s AML & Sanctions Experts Committee (2021) and is an invited expert on the MOJ Advisory Group leading current AML reforms. See www.law-strategy.nz for more.
Brad Cuff
Brad was a litigation partner in an international law firm before becoming a barrister sole in 2020. Brad is a professional member of the New Zealand Law Society and New Zealand Insurance Law Association. With extensive experience in insurance litigation and advice, Brad's professional roles have included in-house legal service for a major medical indemnity insurer, heading the legal, risk and compliance team at a major US insurer and a top tier Sydney law firm. Brad has acted for some of New Zealand's largest insurers together with Australian insurers and underwriting agencies having a thorough knowledge and understanding of legislative and regulatory environments. His practice covers a wide range of insurance areas and civil litigation.
Simon Akozu
Simon is a tax specialist, focused on mergers and acquisitions (M&A), infrastructure projects, financing arrangements, and crypto assets. Simon has broad experience managing tax projects across a wide range of industries. His clients include leading New Zealand corporates, multinationals, financial institutions, and high net worth individuals. Simon is also working with a range of start-ups in the crypto asset space. Simon has a keen interest in tax policy. He regularly writes and presents on new developments in tax, including the taxation of crypto assets. He is a contributor to Bloomberg Tax and is a co-author of Bloomberg’s New Zealand country guide.
Bryan Ventura
Bryan is an experienced financial services and investment funds lawyer. He specialises in FinTech and virtual assets (crypto / Web3). He also advises on mergers and acquisitions (M&A), start-ups, and general corporate and commercial law. He is an expert in virtual asset projects (cryptocurrencies, NFTs, DeFi and blockchain) and their regulation. His expertise covers financial markets conduct law (the FMCA) including licensing, Anti-Money Laundering and Countering Financing of Terrorism, financial services regulation, company law, the NZX Main Board Listing Rules, the NZX Participant Rules, and the Catalist Public Market Rules. He advises on capital raising, commercial contracts, consumer T&Cs, establishment of investment funds (unit trusts, limited partnerships), corporate structuring, all forms of traditional financial services (retail and wholesale), and FinTechs. Bryan advises Web3 companies and VASPs, start-ups, medium & large corporates, and financial institutions, based both in New Zealand and offshore. Bryan is the Chair of BlockchainNZ (which is part of the New Zealand Tech Alliance). He is also a Council Member of the International Digital Asset Exchange Association (IDAXA) and a member of the Payments NZ Forum.
Venue
Rydges Auckland
59 Federal St
Auckland 1010
New Zealand
Valet Parking
Rydges Auckland offers Valet Parking for all guests. Daily charges are NZ$38.00. Guests can valet their car unlimited amounts of time for the one daily flat fee. The maximum height of the car park is 1.9m. Limited spaces are available.
Self Parking
Guests can self-park NZ$30.00 on a per exit basis per 24 hours. The reduced parking tickets require being validated from reception.