FSF marks 100 members milestone unconventionally
28 August 2024 Open PDF
Lyn McMorran, FSF Executive Director, and Salvation Army's Mark Limmer, Mission Services Director at the Newtown Community Ministries Centre in Wellington.
The Financial Services Federation (FSF) has welcomed social lender Money Sweetspot to its membership, marking 100 members for the first time in the organisation’s 59-year history.
The FSF is the non-profit industry association for specialist lending and leasing companies committed to responsible lending, with members collectively reaching 1.7 million consumers and businesses across Aotearoa New Zealand.
“Reaching 100 members for the first time reflects the viability of New Zealand’s non-bank sector, which is supporting consumers and businesses across New Zealand through their ability to be nimble, innovative and provide necessary competition,” says FSF Executive Director Lyn McMorran.
FSF members include finance and fleet leasing providers such as UDC Finance, Turners, and MTF, several credit unions and building societies, mortgage providers, credit-related insurance providers, and the finance arms of global motor vehicle brands including Toyota, Nissan, and Mercedes-Benz (see the full member list here).
“Being able to expand our community whilst upholding rigorous standards for membership is testament to the quality of non-bank organisations emerging in New Zealand” McMorran says.
“FSF membership has doubled in the last seven years, and we’ve done that while remaining dedicated to only welcoming organisations that we truly believe contribute to New Zealand’s financial services sector in a positive and compliant way.
“It is humbling that organisations continue to recognise the value of being an FSF member, where they can contribute to key policy discussions and initiatives shaping the sector.”
Rather than a traditional celebration, FSF will mark the milestone by donating 100 food parcels through the Salvation Army and Woolworths NZ’s Foodbank Project.
“We know that with today’s cost of living, many Kiwis are doing it tough, and hope this donation to the Foodbank Project will make a small difference to families in need.
“We also encourage borrowers experiencing financial strain to contact their lender, non-bank or bank, to help navigate a way forward that protects their future financial wellbeing. Our members know that life happens, and there are lots of things that lenders can do to help customers get through.”
Salvation Army Financial Mentoring Coordinator Paul Forster said the organisation was always grateful and in need for support.
“In these difficult times it’s gifts such as these that make such a difference in the lives of the people we support, who so often need a hand up,” Forster says.
For more information or an interview request please contact Hannah McKee at [email protected]
About the FSF
The (FSF) is the non-profit industry association for non-bank lenders committed to responsible lending, with its members collectively reaching 1.5million New Zealanders, and supporting consumers and businesses across the country through innovation and competition.
FSF’s 99 members include ethical finance, leasing and credit-related insurance providers, and include the likes of UDC Finance, MTF, Auto Finance Direct, several credit unions and building societies, fintech firms, and the finance arms of global motor vehicle brands including Toyota, Nissan, Honda, BMW, and Mercedes-Benz (see the full member list here).
With 58 years of history, FSF has stringent membership criteria and enforces a Code of Conduct to maintain high standards in responsible non-bank lending. FSF members prioritise compliance, support consumer protection enforcement, and advocate for balanced regulations that ensure New Zealanders have access to responsibly-provided credit.