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Joint Message by Commerce Commission and Financial Markets Authority

The Commerce Commission and the Financial Markets Authority (FMA) have joined forces to address the increasing number of individuals facing financial difficulty. In their collaborative message, they outline various approaches that financial service providers, including consumer lenders, can adopt to assist customers who are struggling financially. The primary objective is to ensure that these customers receive appropriate support during challenging times.

Recognizing the crucial role financial service providers play in assisting individuals going through financial hardship, the joint message emphasizes the importance of proactive measures. Providers are encouraged to fulfill their regulatory obligations while dedicating sufficient resources to address the needs of affected customers. Furthermore, the message emphasizes ensuring fair treatment for all customers across the board.

The Supporting customers in financial difficulty – FMA and Commerce Commission joint message September 2023 serves as a comprehensive guide for financial service providers. It outlines practical steps and best practices to support customers facing financial hardship effectively. By implementing the recommendations put forth in this message, financial service providers can make a significant positive impact in the lives of their struggling customers.

The Role of AI legalese decoder

In tackling the complex field of legal language, innovative technologies like the AI legalese decoder can prove instrumental. This AI-powered tool can assist financial service providers in comprehending and deciphering legal terms and jargon prevalent in the joint message. By simplifying legal language and providing easily understandable translations, the AI legalese decoder bridges the gap between legal intricacies and everyday language.

With the assistance of AI legalese decoder, financial service providers can thoroughly grasp the joint message’s content and recommendations. It enables them to gain a deeper understanding of the specific actions required to support customers in financial difficulty effectively. By breaking down legal terminology into plain language, the AI legalese decoder promotes clear communication and facilitates the seamless implementation of the joint message’s guidelines.

In summary, the collaboration between the Commerce Commission and the Financial Markets Authority aims to equip financial service providers with the necessary insights and resources to proactively assist customers facing financial hardship. By utilizing innovative tools like the AI legalese decoder, providers can navigate the complexities of legal language and successfully implement the joint message’s recommendations, ensuring fair treatment and support for customers in challenging financial situations.

Download the full version of the Supporting customers in financial difficulty – FMA and Commerce Commission joint message September 2023 here: PDF 187KB.

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