BANKS WIN, KIWIS LOSE
PROTECT YOUR RIGHTS
Big banks broke the rules. Now the Government wants to change them - not to protect consumers, but to protect the banks.
We don't get to decide which laws we comply with - so why should the banks?
What the Banks did wrong - and why should they get away with it?
When you borrow money, your bank is required to give you accurate information in a timely manner - about interest rates, fees, and how much it’s really going to cost you. That’s just basic fairness.
But ANZ and ASB didn’t do that.
They failed to give borrowers the information they were legally required to share. Thousands of people took out loans without being properly informed - and the banks charged full interest and fees anyway.
This wasn’t a trivial mistake, like forgetting to put a return address on an envelope. This was critical financial information - the kind that helps people understand what they’re committing to and what it will cost them.
The law says if a bank doesn’t play by the rules, it shouldn’t be allowed to profit from that. That’s why more than 150,000 Kiwis are part of a court case trying to get back what they’re owed.
What the Government Is Doing Now
Here’s the shocking part: the banks have admitted they got it wrong - but instead of facing the consequences, they’ve been lobbying the Government to change the rules.
And now the Government is listening.
A new bill has been introduced (Credit Contracts and Consumer Finance Amendment Bill) that would change the rules after the fact - wiping out people’s rights in the middle of a court case that’s been running for four years.
This law won’t just apply in the future. It’s designed to reach back and undo what the banks are currently being held accountable for.
Why this should matter to you
This isn’t just about banks - it's about fairness.
You might not be part of this case. But if the Government can rewrite the rules to protect two of Australia’s biggest banks, what’s to stop them doing it again?
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What if it was your mortgage or personal loan ?
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What if a company did the wrong thing - but got off the hook because the rules were changed afterwards?
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What if your rights could disappear with the stroke of a pen?
This isn’t just about banks. It’s about fairness.
We all live our lives based on the rules we’re given. If those rules can be changed to suit the powerful, trust breaks down. And the next time someone does the wrong thing, there might be nothing you can do about it.
Changing the Rules After the Fact Just Isn’t Fair
We all get it: sometimes laws need to change. But changing them to protect someone after they’ve already broken the rules? That’s not lawmaking. That’s letting people off the hook.
That’s not fair. And it’s not how we expect things to work in New Zealand.
Imagine getting caught speeding, but before you have to pay the fine you manage to persuade the Government to raise the speed limit - just so you don't have to pay your fine.