Focus on regulatory change

The looming change of regulator for the consumer credit industry is set to be one of the major talking points at the Financial Services Federation (FSF) conference in Auckland this month.

Commerce and Consumer Affairs Minister Andrew Bayly announced this year that the watchdog role will transition from the Commerce Commission to the Financial Markets Authority (FMA) in 2025.

Samantha Barrass, pictured, FMA chief executive, is among the guest speakers at the FSF conference on October 22 and will be addressing the sector for the first time since news of the change was revealed.

The FSF is the industry association for specialist, non-bank lenders, with its members collectively reaching 1.7 million Kiwi businesses and consumers, and financing 49 per cent of personal consumer loans in New Zealand.

Appointing a new regulator is part of Commerce and Consumer Affairs Minister Andrew Bayly’s vision to streamline the regulatory landscape, with his other plans set to include a new licensing model to bring consumer lending in line with other entities regulated by the FMA.

Bayly will be speaking at the conference, which is being held at the Grand Millennium Auckland, to discuss further proposals for the sector. 

The event’s programme also features an exclusive on a publicised 2023 cyber attack, and Diane Tate, chief executive officer of the Australian Finance Industry Association, discussing business confidence and commercial lending with business-to-business lenders such as Custom Fleet and Prospa.

For more details or to register for the conference, which connects lenders, insurers, regulators, mentors, brokers and fintech providers, click here.