Duncan Webb gets key commerce portfolio

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Finance industry leaders say they want to meet the new Minister of Commerce and Consumer Affairs as soon as possible to bring improvements to Government policy.

Tuesday, January 31st 2023, 6:08PM 1 Comment

Their comments accompany lingering resentments over the Credit Contracts and Consumer Finance Act (CCCFA), along with worries about Financial Markets (Conduct of Institutions) Amendment Act (CoFI) and the employment insurance scheme.

The remarks came after Duncan Webb was appointed as the new Minister of Commerce and Consumer Affairs, replacing David Clark, who is retiring from politics at the next election.

This was announced in Tuesday's cabinet reshuffle.

As before, the Minister of Commerce and Consumer Affairs remains a minister outside cabinet, which Lyn McMorran of the Financial Services Federation thinks is completely wrong.

“It has been like that for a number of years,” she said.

The commerce minister has been outside of cabinet for many years under both National and Labour-led administrations.

“We have never agreed with the portfolio being outside cabinet, because commerce and consumer affairs are very important things to just about every New Zealander.”

McMorran said she did not know Webb and wanted the chance to get to meet him as soon as possible.

“I hope his door is open to listening to business, because that is what we need,” she said.

And was the commerce door not open enough under Clark?

“I think the CCCFA debacle probably suggests that, don't you?”

Webb takes office as the second phase of reforms of the CCCFA awaits its final decision by the government.

Both McMorran and Katrina Shanks of Financial Advice New Zealand, have long seen the CCCFA as a miscreant dog unable to learn new tricks. As a result, it should not be reformed, it should be abandoned. Both women are likely to convey this view to Webb when they meet him.

But for now, Shanks is putting it in formal, political terms.

“We are looking forward to working with (Webb) to review some government policies to get better outcomes for all New Zealanders.”

Webb got the commerce job ahead of the fancied Barbara Edmonds, who chairs the Finance and Expenditure Select Committee and has a background in tax law.

Despite this experience, she has been given several social portfolios but is, however, a minister inside cabinet.

Webb has also chaired the Finance and Expenditure Select Committee and has three more years experience in parliament than Edmonds.

He has also served as party whip and has a doctorate in law.

Tags: parliament

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