Lenders will need Comcom certification from October

Wed, 10 Mar 2021

From Oct 1, lenders providing consumer credit and mobile traders selling on credit will have to be certified by the Commerce Commission or face penalties.That's unless they are already licensed or registered by the Financial Markets Authority or the Reserve Bank of New Zealand.The commission said to provide certification, it will need to be satisfied directors and senior managers of lenders providing consumer credit and mobile traders are "fit and proper to perform their role – that they are financially sound, honest, reputable,...

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