Commerce Commission - Latest News [Page 1]

High Cost Lender Pretty Penny Quits NZ, Writes Off Loans In Commerce Commission Settlement

Wednesday, 8 July 2020, 10:33 am | Commerce Commission

Australian high-cost short-term lender Quadsaa Pty Limited (trading as Pretty Penny and PPL) has undertaken to write off all outstanding loan balances in a settlement agreement with the Commerce Commission. After indicating that Pretty Penny is no ... More >>

Commerce Commission Releases Guidelines On Environmental Claims

Tuesday, 7 July 2020, 3:43 pm | Commerce Commission

The Commerce Commission has released guidelines to help traders understand their obligations when making environmental claims, including how to avoid breaching the Fair Trading Act. The Commission recognises that consumers are increasingly considering ... More >>

High Cost Lender Ferratum Admits Responsible Lending Breaches

Tuesday, 30 June 2020, 10:03 am | Commerce Commission

High-cost lender Ferratum New Zealand Limited has admitted breaching responsible lending provisions of the Credit Contracts and Consumer Finance Act 2003 (CCCF Act). In a settlement with the Commerce Commission, Ferratum has also repaid the cost of ... More >>

Kitset Home Business Director Pleads Guilty To Breaching The Fair Trading Act

Thursday, 25 June 2020, 4:03 pm | Commerce Commission

Emma Gestro the director of now defunct Get Design and Sales Limited (Get Design) has pleaded guilty to three charges laid by The Commerce Commission for breaching the Fair Trading Act when taking payment for goods. The Commission alleged Emma Gestro ... More >>

Couple And Company Fined For False Or Misleading Fire Extinguisher Servicing Claims

Tuesday, 23 June 2020, 10:36 am | Commerce Commission

A fire extinguisher service company, its owner and his wife have been fined a total of $60,000 on Fair Trading Act charges and have undertaken that they will no longer participate in the fire extinguisher servicing industry, following a Commerce Commission ... More >>

Commission Closes Investigation Into Datix’s Acquisition Of RL Solutions

Monday, 22 June 2020, 3:41 pm | Commerce Commission

The Commerce Commission closed its investigation into Datix’s acquisition of RL Solutions on 10 December 2020 as its concerns with the acquisition were addressed. A summary of the reasons outlining the Commission’s decision will be available ... More >>

AJ Park Seeks Clearance To Acquire Baldwins

Monday, 22 June 2020, 1:30 pm | Commerce Commission

The Commerce Commission has received a clearance application from AJ Park IP Limited to acquire the assets of Baldwins Intellectual Property, Baldwin Holdings Limited, Baldwins Intellectual Property Limited and Baldwins Law Limited. AJ Park is part ... More >>

Supplement Firm Fined For Mislabelling Products And Found Guilty Of Failing To Supply Information

Monday, 22 June 2020, 12:16 pm | Commerce Commission

Invercargill firm Gateway Solutions Limited (formerly trading as Silberhorn Limited) has been fined $194,400 in the Dunedin District Court for misrepresentations it made about its deer velvet health supplements. The company and its director and majority ... More >>

$120K In Fines For Unsafe “Ha-ha Groan Hammer” And Rubber Animals

Thursday, 18 June 2020, 10:49 am | Commerce Commission

Two importing companies have been fined a total of $120,750 on Fair Trading Act charges following toy safety investigations by the Commerce Commission. Feel So Good Limited was fined $60,000 and Espoir Limited was fined $60,750. Both companies supplied ... More >>

Draft Decision Approving Transpower’s $154m Major Capex Proposal

Tuesday, 16 June 2020, 9:08 am | Commerce Commission

The Commerce Commission has published its draft decision paper approving a major capital expenditure proposal from Transpower New Zealand Limited (Transpower). If finalised, the decision would allow Transpower to invest and increase its revenue ... More >>

Commission Receives Aurora Energy’s Application To Increase Prices To Fund $383 Mn Investment Plan

Tuesday, 16 June 2020, 8:38 am | Commerce Commission

The Commerce Commission has received Aurora Energy’s (Aurora) application to increase its prices to fund a $383 million three-year plan to address safety and reliability issues on its electricity lines network. Aurora, which supplies electricity to 90,000 ... More >>

Commission Grants Clearance For Verifone To Acquire Smartpay

Friday, 12 June 2020, 9:09 am | Commerce Commission

The Commerce Commission has granted clearance to Verifone New Zealand (Verifone) to acquire the assets used by Smartpay Holdings Limited and its subsidiaries to operate the Smartpay business in New Zealand (Smartpay) (the proposed acquisition). The parties ... More >>

Commission Finalises ‘fit And Proper’ Person Criteria

Thursday, 11 June 2020, 12:06 pm | Commerce Commission

The Commerce Commission has finalised the criteria it will use to assess whether a lender is ‘fit and proper’ under changes to the Credit Contracts and Consumer Finance Act (CCCF Act) after receiving submissions from interested stakeholders. ... More >>

Feedback Sought On Draft Review Of Mobile Access Termination Service (MTAS)

Wednesday, 10 June 2020, 8:52 am | Commerce Commission

The Commerce Commission is seeking feedback on its draft review findings that the Mobile Access Termination Service (MTAS) should remain regulated. “The purpose of the five-yearly review of MTAS is to determine whether we think there is merit ... More >>

Nelson Pharmacy Fined $344,000 And Director $50,000 For Price-fixing

Monday, 8 June 2020, 4:09 pm | Commerce Commission

The Wellington High Court has ordered Prices Pharmacy 2011 Limited and a director of the company, Stuart Hebberd, to pay fines of $344,000 and $50,000 respectively, after they admitted engaging in price-fixing in breach of the Commerce Act. The Commission ... More >>

Commissions Releases Guidelines On Approach To Authorisations After Law Change

Friday, 29 May 2020, 3:40 pm | Commerce Commission

The Commerce Commission has released guidelines on its approach to authorisation of some agreements as a result of temporary changes made to the Commerce Act under the COVID-19 Response (Further Management Measures) Legislation Act (COVID-19 Response ... More >>

Commission Issues Warning To Hong Kong Based Electronics Retailer

Thursday, 28 May 2020, 12:06 pm | Commerce Commission

Online electronics retailer BXT International Limited and its related companies (together known as Becextech) have been warned by the Commerce Commission for conduct that the Commission considers has likely breached the Fair Trading Act. The warning ... More >>

Dechra Granted Clearance To Acquire Osurnia From Elanco

Wednesday, 27 May 2020, 4:44 pm | Commerce Commission

The Commerce Commission has granted clearance to Dechra Pharmaceuticals PLC, Dechra Limited and Dechra Veterinary Products LLC to acquire the assets, rights and liabilities relating to Osurnia from Elanco Tiergesundheit AG.  Osurnia is a treatment ... More >>

Whangarei Finance Company In $945K Settlement With Commission

Wednesday, 27 May 2020, 12:00 pm | Commerce Commission

Current and former borrowers of Whangarei-based finance company Profile Finance Limited will receive $945,334 in credits and refunds after Profile Finance signed a settlement agreement with the Commerce Commission. The Commission began investigating ... More >>

Investigation Opened Into Objectives’ Acquisition Of Master Business Systems

Tuesday, 26 May 2020, 3:02 pm | Commerce Commission

The Commerce Commission has opened an investigation into Objective Corporation Limited’s acquisition of Master Business Systems Limited (MBS). The Commission will consider whether the acquisition would be likely to substantially lessen competition in any ... More >>