New Zealand needs an ethical non-bank sector - FSF

The spotlight has been on responsible lending this week as six winners were recognised at the Financial Services Federation (FSF) awards, with a mix of junior and senior-level professionals taking home the accolade.

The awards aim to recognise responsible lending in an industry that has often been dubbed a ‘wild west,’ and with non-bank lending becoming an increasingly popular route towards securing a first home, the Awards are seeking to promote responsible and ethical finance within the sector.

“There is nowhere else that excellence in responsible lending is being celebrated like this, and lenders acknowledged for putting their customers first and consistently doing the right thing,” said FSF executive director Lyn McMorran. “There’s always publicity about the dodgy lenders, so the perception becomes that they are the only option to customers, when that’s clearly far from the case.”

The FSF has been working towards setting standards within the non-banking sector and is a regular advocate for greater enforcement when it comes to loan sharks. On the outcome of the awards, McMorran emphasised the importance of treating customers responsibly and continuing to recognise the lenders who go the extra mile.

“It is important that New Zealand has an ethical and responsible finance company sector for both consumers and business, and we see the Awards as contributing to the setting of high standards of responsible lending which should be aspired to by the whole sector,” she stated.

The awards were taken home by a mix of lenders including Go Car Finance, Centrix and Latitude Financial Services, with Instant Finance CEO Richard De Lautour taking home the Lifetime Achievement Award.

Commenting on Richard’s win, McMorran said: “Richard has had an amazing career over many decades and has been a guide and mentor to so many in the responsible lending sector. He has for the many people he has encountered over his career, epitomised what responsible lending is.”