FMA speaks at FSF conference
A major shift is coming to New Zealand’s consumer credit sector in 2025, with the Financial Markets Authority (FMA) set to take over regulatory duties from the Commerce Commission.
The transition marks a significant change, aimed at streamlining the oversight of the industry.
For the first time since the announcement, FMA chief executive Samantha Barrass (pictured above left) will address the sector at the upcoming Financial Services Federation (FSF) conference on Oct. 22 in Auckland.
FSF Conference Welcomes FMA and Government Officials
FSF, representing specialist non-bank lenders who service 1.7 million New Zealanders and finance nearly half of the country’s personal consumer loans, is hosting the event.
The FSF conference will offer industry members a first look at the FMA’s plans for consumer credit regulation.
Barrass’ address will provide critical insight into the upcoming regulatory changes.
Commerce and Consumer Affairs Minister Andrew Bayly (pictured above right), who spearheaded the decision to shift regulatory oversight to the FMA, will also be speaking at the event.
Bayly’s goal is to simplify the regulatory landscape, and he will outline further developments for the sector during the conference.
Anticipated regulatory changes and licensing models
Among the expected reforms are new licensing requirements designed to align consumer credit providers with other entities regulated by FMA, which just last week welcomed a new executive director.
However, many details remain unclear, and industry stakeholders are eager to hear more about how the transition will unfold.
The conference offers a vital platform for lenders, regulators, and industry experts to discuss these forthcoming changes, which will likely have a significant impact on both consumers and financial services providers.
Industry insights and networking opportunities
In addition to the regulatory updates, the FSF conference will cover a wide range of topics impacting the financial services industry, from economic trends to cyber security and financial literacy.
Diane Tate, CEO of the Australian Finance Industry Association, will join a panel of B2B lenders to discuss business confidence and commercial lending, providing valuable insights for attendees.
The conference serves as a key event for non-bank lenders, fintech companies, brokers, insurers, and other stakeholders to share knowledge, network, and prepare for the evolving landscape of financial services in New Zealand.
FSF’s role in supporting responsible lending
FSF, which represents 100 members, including finance, leasing, and credit-related insurance providers, plays a crucial role in promoting responsible lending practices. With a long-standing Code of Conduct and stringent membership criteria, FSF ensures its members maintain high standards of consumer protection and compliance.
FSF members include notable names like UDC Finance, MTF, American Express, and the finance arms of major automotive brands such as Toyota and BMW. Collectively, they work to ensure New Zealanders have access to credit services that foster both competition and innovation.
Event details and registration
The FSF Conference 2024 will be held at the Grand Millennium Auckland on Oct. 22. It is open to both members and non-members of the FSF. Registrations close on Oct. 12, with full details available on the FSF website.
Platinum sponsor Equifax NZ and other partners make the event possible, offering a platform for collaboration and growth in the financial services industry.
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