Fit and Proper Person certification
This page was updated1 month ago
If you (as a sole trader) or your company is a provider of consumer credit (lender), including through a pawnbroking contract, consumer lease, a BNPL contract (buy now, pay later contract), or are a mobile trader, and you are not already licenced or authorised by the Financial Market Authority or Reserve Bank of New Zealand, you must be certified under Part 5A of the Credit Contracts and Consumer Finance Act 2003 by the Commerce Commission.
To gain certification you must satisfy us that you (if you are a sole trader) or your directors and senior managers (if you are a company) are fit and proper persons to hold your positions – financially sound, honest, reputable, reliable and competent to do the job.
Certification became compulsory from 1 October 2021 as part of changes to the Credit Contracts and Consumer Finance Act (CCCF Act). From this date, you must be both certified by the Commission (unless you are exempt) and registered on the Financial Service Providers Register (FSPR) before you can provide lending or mobile trading services.
You can apply for certification through the FSPR website. When you select either the "Creditor under a credit contract – Consumer credit contract” and “Mobile trader” service, you will be sent an email which sets out how you can pay the required fee(s) and will include the forms you need to complete.
The aim of certification is to set a high standard of personal and professional integrity for those involved in providing a lending or mobile trading service. You can find background information on the Fit and Proper Person consultation process on our website.
We have developed guidance which explains the criteria for determining whether someone is fit and proper to perform their role.
Read more
Fit and Proper Person certification guidance PDF (303 KB)Certification FAQs
We have put together some answers to common questions lenders or mobile traders may have about becoming certified under Part 5A of the CCCF Act.
Obligation to notify Commission of prescribed changes
You must let us know in writing about any prescribed changes that could affect your certification within 10 working days from the date on which the person comes to know about the change. The changes are listed in regulation 25 of the Credit Contracts and Consumer Finance Regulations 2004 and include the appointment and/or removal of a director or senior manager. You can notify the Commission by emailing the Commission’s Certification Team at certification@comcom.govt.nz to let us know of a prescribed change affecting you or your entity. You may also use the Notification of Prescribed Change Form – see below.