FSF marks 60 years championing New Zealand's specialist lenders

Six decades of driving financial access and innovation

FSF marks 60 years championing New Zealand's specialist lenders

The Financial Services Federation (FSF), the peak body representing New Zealand’s specialist lenders and fleet leasing providers, has celebrated 60 years of supporting financial innovation and competition. 

Formed in 1965 as the New Zealand Finance Houses Association, FSF has grown from 10 founding members into a sector that now serves more than 1.7 million consumers and businesses, making non-bank lending a core contributor to New Zealand’s $20 billion specialist finance economy. 

“Specialist lenders are no longer on the periphery,” FSF executive director Lyn McMorran (pictured) said in a media release.  

“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.” 

FSF honoured at Parliament event 

A celebration marking the FSF’s 60th anniversary was held at Parliament this week, drawing members and notable figures including Minister of Commerce and Consumer Affairs Scott Simpson and Financial Markets Authority Chief Executive Samantha Barrass. 

Commerce and Consumer Affairs Minister Scott Simpson recognised the Financial Services Federation’s invaluable contribution during its 60th anniversary celebration at Parliament 

In his address, Simpson acknowledged the FSF’s “invaluable” work and its important role in shaping the financial services landscape, particularly amid the government’s plans to streamline regulation. 

He praised the organisation for its constructive input into financial policy consultations, adding, “Your voice has helped inform a more balanced regulatory framework that supports innovation and responsible lending.” 

Recognising resilience and reform 

Don Atkinson, CEO of UDC Finance – one of FSF’s founding members – commended the federation for maintaining high standards and advocacy through decades of change. 

“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,” Atkinson said. 

He also reflected on the sector’s distinctive role in supporting underserved communities and delivering market-first innovations. 

“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,” Atkinson said. 

Milestones and impact on the finance sector 

Over its 60-year history, FSF has played a vital role in legislative reform and raising professional standards – including advocacy during the rollout of the Credit Contracts Act and introducing the NZQA Level 5 Micro-Credential in Consumer Credit, an eight-module course that covers key areas such as the CCCFA, AML, disclosure, and ethical borrower treatment, particularly for those in vulnerable situations. 

The 2008 Global Financial Crisis was a key test for the industry, resulting in the collapse of 67 finance companies – two of which were FSF members. This period solidified FSF’s approach to only admitting companies committed to responsible lending

“In our journey from humble beginnings to today’s vibrant sector, FSF has played a pivotal role in shaping New Zealand’s financial landscape,” McMorran said. 

Looking ahead: Evolving to meet Kiwi needs 

As the industry continues to evolve, FSF is focused on maintaining its leadership role in promoting practical, diverse financial solutions that support the country’s economic growth. 

“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 contribute to a financial ecosystem that fosters growth and opportunity,” McMorran said.