The concept of 'fairness' in New Zealand's finance industry is a complex and subjective issue, with significant implications for consumers and financial institutions alike. While the legal framework mandates fair treatment, it doesn't provide a precise, universally accepted definition, leaving room for interpretation by both financial institutions and regulatory bodies.

This ambiguity can lead to inconsistencies in application and outcomes for consumers, as institutions might interpret the requirement in a way that benefits their profitability while still technically complying with the law. As a result, consumers may not be fully aware of the potential risks and limitations associated with financial products, and may not have sufficient opportunities to make informed decisions. Furthermore, the regulatory power granted to bodies overseeing the financial industry becomes a critical factor, as how these bodies interpret and enforce the 'fairness' requirement directly impacts the behavior of financial institutions.

A robust and transparent regulatory process is essential to ensure accountability and prevent potential abuses of power. Ultimately, the ongoing discussion surrounding 'fairness' in New Zealand's finance industry highlights the need for greater clarity and specificity in legal definitions. While the intention behind the requirement is laudable – to protect consumers and promote ethical practices – its effectiveness hinges on a shared understanding of what 'fair' truly means in the context of financial services and a vigilant regulatory oversight to ensure its consistent application.