Transfer of responsibility for regulation of consumer credit
In March 2024, Cabinet approved the transfer of responsibility for regulating the Credit Contracts and Consumer Finance Act (CCCF Act) from the Commerce Commission (Commission) to the Financial Markets Authority (FMA).
The transfer of responsibility for regulating the CCCF Act to the FMA is part of a series of reforms intended to streamline financial services regulation. This will align the ‘twin peaks’ model of financial sector regulation with the FMA becoming the sole conduct regulator for financial markets and the Reserve Bank the prudential regulator. The Commission and FMA are working together to ensure a seamless transfer for the sector.
Credit Contracts and Consumer Finance Amendment Bill
The transfer of regulatory responsibility for the CCCF Act to the FMA is being effected by the Credit Contracts and Consumer Finance Amendment Bill (Amendment Bill) introduced to Parliament on 31 March 2025. The Amendment Bill had its first reading in the House on 20 May and has been sent to the Finance and Expenditure Select Committee. The Committee is scheduled to report back to the House by 20 October 2025.
The Amendment Bill also makes a number of other changes to the CCCF Act and you can read more about the Amendment Bill and changes to the CCCF Act on the Ministry of Business, Innovation and Employment’s websiteopen_in_new .
For a copy of the Amendment Bill and to follow progress of the Amendment Bill through the legislative process visit: New Zealand Parliamentopen_in_new.
To understand more about how the FMA regulates financial markets participants visit: Financial Markets Authority.open_in_new
Until the date of transfer of responsibility, lenders should continue to engage with the Commission in relation to CCCF Act matters. We intend to update this page with further guidance and FAQs as the Amendment Bill progresses.
If you have any questions, please send them to creditfunctiontransfer@comcom.govt.nz