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Institute Backs Government Regulations
Wednesday June 20th, 2007
New Zealand Credit and Finance Institute
NZ Credit and Finance Institute Backs Government Regulations
An organisation representing some 400 of the country's credit professionals has welcomed the Government's moves to introduce new rules for the non bank financial sector
The New Zealand Credit and Finance Institute (NZCFI) supports yesterday's announcement by the Government to introduce a range of new regulations including a requirement that all financial service providers, including small lenders belong to a professional body.
NZCFI president David Young says the regulations, which are due to be introduced later this year and passed in 2008, will help to ensure all financial service providers adhere to professional standards and practices.
"The Institute recognises the importance of credit to the New Zealand economy but we don't support individuals or organisations that knowingly get people into debt beyond their capability.
"Such practices are simply not acceptable and tarnish the reputation of everyone in the credit industry," he says.
The new rules include compulsory registration on a publicly searchable data base and, will see all financial providers checked to ensure they had no dishonesty or fraud convictions within the previous five years.
Putting the spotlight on financial providers and making it mandatory to belong to a professional body would help lift the level of practice across the industry, Mr Young says.
"We welcome the new rules and encourage the introduction of formal standards because we want the public to have confidence in the professionalism and integrity of our members.
"The writing is clearly on the wall for those who can't or won't meet the new regulations. The Government is sending a clear message that the days are numbered for individuals or businesses who fail to act in an accountable and transparent manner," he says.
The New Zealand Credit and Finance Institute is recognised as an industry leader on matters relating to credit management and aims to support the professional development of its members through training and education programmes.
ENDS
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