Latitude Financial says its market share of personal lending lifted from 8 per cent to just under 13 per cent over the past year, while the total market contracted by a third, the Financial Review reports. Ahmed Fahour, Latitude's CEO, told AFR the firm would fund a new buy-now, pay-later product for Harvey Norman that will challenge Afterpay and Zip, to be known as LatitudePay. Following calls from submitters (including the Australian Consumer Action Law Centre) on the Credit Contracts Legislation Amendment Bill, the New Zealand Government has decided to include a 0.8 per cent per day cap on interest rates in the bill. The bill already includes a cap on the total cost of credit for high-cost loans, but the proposed interest rate cap would add a limit on how much a lender could charge borrowers, right from the start of a loan, reducing the dollar amount of regular repayments. Insurers operating in New Zealand hope it will become harder for customers to fiddle or inflate insurance claims with the launch of the Insurance Fraud Bureau (IFB). The Insurance Council of NZ says the bureau will be the first "integrated initiative to target insurance fraud through detection and education".  It estimates fraud costs insurers in New Zealand up to 10 percent of gross written premiums (GWP) every year - or up to NZ$614 million. As well as educating consumers about the consequences and penalties of fraud, the initiative aims to provide a central point of contact for general insurance fraud issues and allegations of insurance fraud, work on anti-fraud initiatives, and develop strong multi-agency relationships.