Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Commission Seeking Feedback On ‘fit And Proper’ Criteria

The Commerce Commission is seeking feedback on the proposed criteria it will use to assess whether a lender is ‘fit and proper’ as part of a new certification regime being introduced under changes to the Credit Contracts and Consumer Finance Act (CCCF Act).

From April 2021 the Commission must be satisfied that all directors and senior managers of lenders and mobile traders are ‘fit and proper’. These individuals must be certified as ‘fit and proper’ by the Commission before they can be registered on the Financial Service Providers Register. Lending without certification could result in penalties of up to $600,000 for a company or $200,000 for an individual.

The Commission has outlined the criteria it is proposing to use to determine whether a director or senior manager is ‘fit and proper’ in a consultation document. The criteria and the assessment focus on whether the individual is competent, financially sound, honest, reputable, reliable and competent to do the job. The Commission is now seeking feedback from interested parties on the assessment criteria outlined in the document.

The Commission is intending to provide guidance about the certification process and how it intends to apply the criteria later in the year.

Submissions can be sent by email to fitandpropersubmissions@comcom.govt.nz and are due no later than close of business Wednesday 18 March 2020.

For more information and to view the consultation document please visit our website.
 

 

Background

The Government has introduced a range of changes to the CCCF Act which come into effect in stages between December 2019 and April 2021. For more information on the changes and the timeline see the Ministry of Business, Innovation and Employment’s website and the Commission’s website.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: RBNZ To Implement $30bn Large Scale Asset Purchase Programme Of NZ Govt Bonds

The Monetary Policy Committee (MPC) has decided to implement a Large Scale Asset Purchase programme (LSAP) of New Zealand government bonds. The negative economic implications of the coronavirus outbreak have continued to intensify. The Committee ... More>>

ALSO:

Elevate NZ: Venture Fund To Lift Productivity

The Government’s new $300 million venture capital fund - announced in last year’s Budget – is now open for business as the Elevate NZ Venture Fund. Finance Minister Grant Robertson says lifting New Zealand's productivity requires well-functioning ... More>>

ALSO:


COVID-19: Case Confirmed In NZ – Expert Reaction

After spreading across the globe for months, the first case of COVID-19 has been reported in New Zealand. The Ministry of Health says the risk of a community outbreak is low, due to their preparedness and the high awareness of the disease. The Science ... More>>

ALSO:

Agriculture: New Legislation To Boost Organics

New organics legislation will boost consumer confidence and help grow an innovative sector, says Food Safety Minister Damien O’Connor. “The Organics Product Bill, introduced to Parliament this week, aims to increase consumer confidence when purchasing ... More>>

ALSO:

Biodiversity Policy: Misinformation Circulating

Forest & Bird is concerned at misinformation circulating regarding a policy statement aimed at protecting New Zealand’s unique biodiversity. The National Policy Statement for Indigenous Biodiversity is being consulted on by the ... More>>

ALSO: