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19 January 2022
The Financial Services Federation (FSF), the industry body for responsible non-bank lenders, has written an open letter to Commerce and Consumer Affairs Minister David Clark and officials outlining specifically what it believes needs to be done, and a desire to work together to get it right.
16 November 2021
Changes to consumer lending law to help people avoid unaffordable debt mean it may take longer to get a loan from 1 December. Information to help consumers prepare for the changes has been welcomed by financial mentors and lenders.
28 September 2021
New data has revealed that Kiwis are embracing choice when it comes to financial services, with almost half of personal consumer lending in Aotearoa New Zealand being financed by non-bank lenders.
1 April 2021
NZ businesses will be better off with the extension of the Government-backed loan scheme designed to help small and medium enterprises access credit for cashflow, capital assets, and in their COVID-19 recovery efforts.
FSF in the News
1 April 2021
Government's controversial home lending rules: Minister David Clark announces tweaks less than four months after law change
NZ Herald, 11 March 2022
The Government's tweaks to the responsible lending rules may not move the dial enough to make a difference to borrowers, a group representing New Zealand's banks says.
This morning Commerce and Consumer Affairs Minister David Clark announced changes to Credit Contracts and Consumer Finance Act - less than four months after it was tightened.
1 April 2021
Credit crunch or responsible lending? Has the law gone too far?
NZ Herald, 4 February 2022
It was meant to protect vulnerable borrowers from getting too deep into debt or being targeted by predatory lenders.
Instead, the introduction of regulations tightening up the Credit Contracts and Consumer Finance Act (CCCFA) has resulted in a raft of tales from would-be borrowers about being turned down for home loans [...]
1 April 2021
Are non-bank lenders able to full the mortgage lending gap?
Stuff.co.nz, 30 January 2022
Non-bank lenders are reporting a surge in mortgage inquiries in the wake of new lending rules, but those applications are not guaranteed success, Lyn McMorran, executive director of the Financial Services Federation says. Changes to the Credit Contracts and Consumer Finance Act (CCCFA), which came into force on December 1, require lenders, including banks, to scrutinise borrowers far more rigorously than in the past.
1 April 2021
Editorial: Lending an ear to warnings could have spared red faces
NZ Herald, 21 January 2022
The Financial Services Federation (FSF), the industry body for responsible non-bank lenders, has added to the chorus of disapproval by writing to Clark and officials outlining its concerns. "These laws do not just affect bank customers, but people seeking finance for anything from a motor vehicle to a household appliance or a mortgage from a non-bank provider, which is a steadily growing sector," the federation says.