ComCom seeks submissions on 'fit and proper' lenders

Thu, 20 Feb 2020

The Commerce Commission is seeking feedback on how it should assess whether lenders are "fit and proper" under a new certification regime which kicks in from April next year. Changes to the Credit Contracts and Consumer Finance Act were approved in December and will require the commission to be satisfied that all directors and senior managers of lenders and mobile traders are fit and proper before they can be registered on the Financial Service Providers Register. Lending without certification could result in penalties of up to $600,000 f...

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