Federation celebrates 60 years
The Financial Services Federation (FSF) has celebrated its 60th anniversary with a special event in Wellington attended by members and special guests.
The industry body for specialist lenders and fleet leasing providers held a celebration at Parliament to mark the milestone and among those attending were Scott Simpson, Commerce and Consumer Affairs Minister, and Samantha Barrass, chief executive of the Financial Markets Authority (FMA).
The event highlighted how the FSF has evolved from its inception in 1965 as the NZ Finance Houses Association with 10 members to a $20 billion industry serving more than 1.7 million New Zealand consumers and businesses.
Lyn McMorran, executive director, says specialist lenders are no longer on the periphery.
“The membership today spans 100 consumer and commercial lenders, non-bank deposit takers, fleet leasing firms, credit unions and building societies, insurers, and credit reporting agencies – all unified by their role in enabling financial access and injecting competition into a market long dominated by large, registered banks,” she adds.
“From vans powering small Kiwi businesses to large commercial fleets servicing the primary sector and national infrastructure, our members give businesses the tools to grow, to keep New Zealand moving, and provide the flexible finance options that consumers increasingly rely on.”
Guests at the celebration included representatives from the FMA, Commerce Commission, Imported Motor Vehicle Industry Association, the Privacy Commission, FinCap, NZ Banking Association, and the Banking and Financial Services Ombudsmen
Simpson addressed the audience at the June 24 celebration and thanked the FSF for its commitment to the sector.
He also spoke of the Government’s policy reforms towards a more streamlined financial services regulatory environment, commending the FSF on its input into the consultation process.
Don Atkinson, chief executive of UDC Finance, which is a founding member of the organisation, also commended the FSF on its dedication to members.
“Through education, advocacy and high standards of conduct, the federation has lifted the bar for our industry and given us a unified voice and a seat at the table, which has proved especially valuable with the regulatory upheaval of the last few years,” he said.
Atkinson told the event what sets specialist lenders apart and why the sector matters for New Zealand, such as its ability to reach underserved communities, take risks and drive innovation.
“From online working capital to buy-now, pay-later, insurance premium funding to the challenge of guaranteeing electric vehicle values – specialist lenders have consistently delivered first-to-market, transformative products,” he added.
The anniversary also highlighted key milestones in FSF’s history, including legislative reforms such as the Credit Contracts Act and ongoing advocacy for proportional and common-sense regulatory frameworks.
Challenges and opportunities were also acknowledged, including the 2008 Global Financial Crisis that led to 67 finance companies failing, two of which were FSF members.
The FSF says that period emphasised its ethos to only admit companies it believes are committed to responsible practices, an approach to membership that remains today.
The event also recognised FSF’s role in pioneering educational initiatives such as the NZQA Level 5 Micro-Credential in Consumer Credit, aimed at raising industry standards and promoting professional development.
“In our journey from humble beginnings to today’s vibrant sector, FSF has played a pivotal role in shaping New Zealand’s financial landscape,” adds McMorran.
“We’re committed to leading the charge to ensure that New Zealanders have access to diverse and practical financial solutions that meet their evolving needs, and contributing to a financial ecosystem that fosters growth and opportunity.”
