Comprehensive Reporting
Amendment 5 - Compliance Items
Veda's commitment to compliance is on going and to date we have invested significantly into the Comprehensive Reporting program of work, and we are working closely with the OPC and the industry on the possible impacts and implications to New Zealand businesses.
Amendment 5 saw the introduction of multiple new compliance components, most of which are effective 1 April 2012 and are outlined as follows:
- Consents and Notice to customers from Credit Providers
- Credit freeze process
- Quotations inquiries
- Defaults split into Debtor Credit and Guarantor defaults
- Credit Non-Compliance Actions (CNCA)
- Defaults must be credit only
- Remove defaults <$100
- New subscriber agreements
- MailFilter (Pre-screening) rules advised
If you would like to discuss any of these areas and the possible impacts to your business, please contact Veda as we would be happy to work with you to clarify any implications to your business.