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 the Finance and Expenditure Select Committee reported back to the House on 20 October, recommending by majority that the Bill be passed.
The Bill has to go through several more steps in the parliamentary process before it becomes an Act of Parliament. While the transfer date is yet to be determined, the Commission, FMA and MBIE continue to work together to achieve a seamless transfer, in parallel with the Parliamentary process.
Until the date of transfer of responsibility, lenders, financial mentors, and consumers 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.
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 Parliament websiteopen_in_new.
To understand more about how the FMA regulates financial markets participants visit: Financial Markets Authority.open_in_new
If you have any questions, please send them to creditfunctiontransfer@comcom.govt.nz
Credit Contracts and Consumer Finance Amendment Bill timeline
- March 2024: Cabinet approved the transfer of regulatory responsibility for the CCCF Act from the Commission to the FMA
- 31 March 2025: Credit Contracts and Consumer Finance Amendment Bill Introduced to Parliament
- 20 May 2025: First reading and referred to the Finance and Expenditure Select Committee
- 20 October 2025: Finance and Expenditure Select Committee reported back to the House.