Commission finalises ‘fit and proper’ person criteria
The Commerce Commission has finalised the criteria it will use to assess whether a lender is ‘fit and proper’ under changes to the Credit Contracts and Consumer Finance Act (CCCF Act) after receiving submissions from interested stakeholders.
The confirmed ‘fit and proper’ criteria ( 453 KB, PDF ). All non-confidential submissions can be viewed on the Commission’s website.
The Commission is intending to provide guidance about the certification process and how it plans to apply the criteria later in the year.
Background
The Government has introduced a range of changes to the CCCF Act which come into effect in stages between December 2019 and October 2021. For more information on the changes and the timeline see the Ministry of Business, Innovation and Employment’s websiteopen_in_new and the Commission’s website.