Report
Criteria for certification under the Credit Contracts and Consumer Finance Act 2003
Publisher
Consumer protection
Financial system regulation
Sector regulation
Consumer credit
Financial services industry
Board of directors
New Zealand
Resources
Attachment | Size |
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apo-nid306247.pdf | 452.76 KB |
Description
The Commerce Commission has finalised the criteria it will use to assess whether a lender is ‘fit and proper’ under changes to the Credit Contracts and Consumer Finance Act (CCCF Act) after receiving submissions from interested stakeholders.
The confirmed ‘fit and proper’ criteria focus on whether all directors and senior managers of lenders and mobile traders are competent, financially sound, honest, reputable, reliable and competent to do the job.
The Commission intends to publish a ‘fit and proper’ certification guidance document in late 2020. This guidance will assist lenders and mobile traders to understand how to make an application and how the Commission will apply the criteria in assessing whether individuals are fit and proper.
Publication Details
ISBN:
978-1-869456-42-9
Copyright:
Commerce Commission New Zealand 2020
Access Rights Type:
open
Post date:
15 Jun 2020