Fit and Proper Person Certification starts 1 October 2021

New requirements for NZ Finance Sector and Lenders

Under the Credit Contracts and Consumer Finance Act 2003 a Fit and Proper Person register is being introduced.

From 1 October 2021, all directors and senior managers of lenders, providing consumer credit contracts or acting as mobile traders, need to be certified ‘fit and proper’ unless exempt.

The Commerce Commission has developed guidance for lenders which explains, who must be certified, the criteria for determining whether someone is fit and proper to perform their role and how to make an application for certification and the Commission has asked us to pass it on to our Participants.

The finalised guidance document can be found here.

For general enquires please email the Commerce Commission at certification@comcom.govt.nz