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Commerce Commission - Latest News [Page 2]
Court Confirms TSB Charged Over $3 Million In “Unreasonable” Fees
Tuesday, 27 August 2024, 3:34 pm | Commerce Commission
The Commerce Commission has concluded legal action against TSB (TSB Bank Limited) and secured a $2.47 million penalty from the bank for historic breaches of the Credit Contracts and Consumer Finance Act (CCCFA). More >>
ComCom Says Too Early To Look At Deregulation Of Fibre Services
Tuesday, 27 August 2024, 8:43 am | Commerce Commission
The Commerce Commission is seeking feedback on its draft decision that it is too early to investigate the deregulation of fibre (UFB – Ultra Fast Broadband) services. More >>
Elgas Seeks Clearance To Acquire Vector’s LPG Assets And Liquigas Shares
Monday, 26 August 2024, 4:32 pm | Commerce Commission
The Commerce Commission has received an application from Elgas Limited to acquire 60.25% of the shares in Liquigas Limited from Vector Investment Holdings Limited, as well as the assets of On Gas Limited from Vector Limited. Both Elgas and Vector ... More >>
Dairy Company Guilty Of Making False Claims Of “100% Pure New Zealand” On Products From India
Monday, 26 August 2024, 8:38 am | Commerce Commission
Hamilton-based dairy company, Milkio Foods Limited has been fined $420,000 for misleading customers about the origin of some of their dairy products with claims like “100% Pure New Zealand” despite importing the core ingredient from India. More >>
Commission Cuts Excess Expenditure And Keeps Chorus Focused On Delivering For Consumers
Thursday, 22 August 2024, 12:25 pm | Commerce Commission
The Commerce Commission has today issued its final decision to approve $1.722 billion expenditure by Chorus over the next four years (2025-2028) – but disallow $172.6 million that would have flowed through to price increases for consumers. More >>
A Stronger Kiwibank And Open Banking Could Shake Up NZ Banking Sector
Tuesday, 20 August 2024, 1:12 pm | Commerce Commission
The Commerce Commission’s Final Report into competition in the personal banking sector points to the potential of a stronger Kiwibank as a disruptor to the four major retail banks, and open banking as a “game-changer”, unlocking competition ... More >>
Commerce Commission Authorises Payments New Zealand To Further Develop Its Open Banking Framework
Tuesday, 20 August 2024, 9:19 am | Commerce Commission
The Commission may authorise an arrangement if, despite any potential detriment from the arrangement, the arrangement will likely result in a benefit to the public. More >>
Kiwis Likely Losing “Tens Of Millions Of Dollars A Year” From Supermarket Pricing Errors
Thursday, 15 August 2024, 6:29 pm | Commerce Commission
Mr van Heerden says the responsibility for fixing the issues sits squarely with the senior management of Foodstuffs and Woolworths NZ, and the Commission had sought a commitment from the Chief Executives of each of the three companies. More >>
Telco Report And New Interactive Map Show Competition Heating Up In Rural Broadband
Thursday, 15 August 2024, 8:43 am | Commerce Commission
The Commerce Commission’s latest Annual Telecommunications Monitoring Report released today highlights an increasingly competitive broadband market in rural New Zealand – illustrated by a new interactive map revealing detailed coverage and connection ... More >>
Foodstuffs North Island Hit With $3.25m Fine For Blocking Rivals
Thursday, 8 August 2024, 2:15 pm | Commerce Commission
Commission Chair, John Small, says the $3.25m penalty imposed by the Wellington High Court – the largest to date under section 28 of the Commerce Act - reflects the seriousness of the conduct and the reason the Commission pursued the court action More >>
ComCom Testing If Supply Code ‘Rule Book’ Is Helping Fix Power Imbalance In Groceries
Thursday, 1 August 2024, 8:55 am | Commerce Commission
New Zealand’s Grocery Commissioner is launching a review of the new Grocery Supply Code to see if it’s helping fix the ongoing power imbalance between suppliers and the major supermarkets. More >>
ComCom Sees Potential For Over $250m Reduction In Payment Fees For New Zealanders
Tuesday, 23 July 2024, 8:56 am | Commerce Commission
The Commerce Commission is consulting on the potential to reduce hundreds of millions of dollars a year in costs to New Zealanders using the Mastercard and Visa payment networks – affecting nearly all consumers and businesses. More >>
ComCom Issues Draft Decision On Revenue Limits And Quality Standards For Chorus
Thursday, 18 July 2024, 9:09 am | Commerce Commission
The Commerce Commission has published its draft decision to set Chorus’ maximum allowable revenue at $3.3 billion for the period from 1 January 2025 to 31 December 2028. More >>
Commission Declines Clearance For AlphaTheta’s Proposed Acquisition Of Serato
Thursday, 18 July 2024, 8:49 am | Commerce Commission
The Commerce Commission has declined to give clearance to AlphaTheta Corporation (AlphaTheta) to acquire Serato Audio Research Limited (Serato). More >>
Commission Says Auckland Airport Charges Are Too High
Wednesday, 17 July 2024, 8:55 am | Commerce Commission
In reviewing the Airport’s pricing decisions for the five-year period running from 1 July 2022 to 30 June 2027, Commissioner Vhari McWha says the Commission considered whether the Airport’s pricing decisions and expected performance are likely to ... More >>
Statement Of Unresolved Issues Released For Proposed Foodstuffs Merger
Tuesday, 16 July 2024, 3:06 pm | Commerce Commission
The Commission is seeking submissions from Foodstuffs North Island, Foodstuffs South Island and other interested parties on the issues raised in the Statement of Unresolved Issues. More >>
ComCom Hits The Gas On Car Loans With Third Lender In Court
Wednesday, 10 July 2024, 10:19 am | Commerce Commission
The Commerce Commission is progressing criminal proceedings in the District Court against El Cheapo Cars (trading as Ezybid Finance) in its third action in the car finance sector this year – alleging borrowers were not provided key information ... More >>
Penalties Imposed In Relation To Longstanding Commercial Cleaning Cartel
Tuesday, 2 July 2024, 9:34 am | Commerce Commission
The Christchurch High Court has imposed penalties against cleaning company Canterbury Industrial Scrubbing Limited (CI Scrubbing) for longstanding cartel agreements with a competitor following a Commerce Commission investigation. More >>
Commission Issues Draft Determination On Payments New Zealand’s Application To Further Develop Open Banking Framework
Monday, 1 July 2024, 2:23 pm | Commerce Commission
The Commission considers that, subject to the proposed conditions, the potential benefits of the Proposed Arrangement are likely to outweigh the potential detriments. More >>
Pyramid Scheme Promoter Ordered To Pay $5.9m In Record Fair Trading Act Case
Wednesday, 26 June 2024, 8:49 am | Commerce Commission
Shelly Cullen has been ordered by the Auckland District Court to pay $5.9m for her promotion of the pyramid scheme ‘Lion’s Share.’ More >>
