From 1 October 2021, lenders providing consumer credit, and mobile traders selling on credit, will need to be certified by the Commerce Commission to do so – unless already licensed by the Financial Markets Authority or Reserve Bank of New Zealand.
Entities that register on the Financial Service Providers Register (FSPR) must also gain certification from the Commerce Commission that their directors and senior managers are ‘fit and proper’ persons to perform their roles. Businesses that are unable to satisfy this requirement will be unable to act as creditors in consumer credit contracts.
Entities providing this service that are already registered on the FSPR on or before 30 September 2021 will have until their next annual confirmation to obtain certification.
To find out more about these changes please refer to the online guide in our Help Centre or visit the Commerce Commission website.