It is a requirement for lenders who loan money to consumers and mobile traders that sell goods on credit, to be certified. The purpose of this is to provide New Zealand consumers with confidence that their lender(s) satisfy a high standard of personal and professional integrity.
The tables below record those businesses and individual lenders that have been certified or exempted from certification, and those where certification has been refused, suspended or cancelled by the Commerce Commission.
The Commission must certify a lender if it is satisfied that the directors and senior managers of the businesses, or the individuals if they are a sole trader, are ‘fit and proper’ persons to hold their roles. The Commission may refuse certification where it is not satisfied that the directors and senior managers of the business, or the individuals if they are a sole trader, are ‘fit and proper’ persons to hold their roles. The Commission may suspend or cancel a certification that was previously granted where it is no longer satisfied that the directors and senior managers of the business, or the individuals if they are a sole trader, are ‘fit and proper’ persons to hold their roles. The Commission may also cancel certification at the request of a lender ceasing to carry on the business of being a consumer creditor or mobile trader providing goods and services on credit.
The ‘fit and proper’ test is forward looking and is designed to protect consumers rather than punish lenders for past behaviour. It does not mean that the Commission has never received a complaint about a lender, or that it has not undertaken enforcement action against them. When making a certification decision, the Commission takes into account any previous enforcement action against the lender or mobile trader. For more information, please see Fit and Proper Person Certification guidance.
Lenders who are not certified are not legally entitled to provide consumer credit or mobile trading services, unless they are exempt from certification because they have been authorised or licensed by the Financial Markets Authority or the Reserve Bank of New Zealand, or by regulation. It is important to only deal with certified lenders (or those that are exempt from certification) when it comes to borrowing money or purchasing goods from a mobile trader. If you know of a business or a person lending to consumers who doesn’t appear on the certified and exempt lenders and mobile traders lists below, then please email the Commission at certification@comcom.govt.nz.
You can still make a complaint to the Commission about any lender or mobile trader who is certified or exempt.
There are penalties for lenders that provide consumer credit and mobile traders selling goods on credit without being certified, including cancellation or suspension of their certification, financial penalties and other enforcement outcomes.
Further details about consumer lenders and mobile traders, including their business address, list of services they provide and the name of their independent dispute resolution scheme provider, are on the Financial Services Provider Register.
The Commission has additional resources to help borrowers know what to look out for when deciding to get a loan.
Please note – the information provided in the above tables is taken from the Financial Service Providers Register. The tables are updated at the beginning of each month by the Commission. There may be lenders that are not on any list who are going through the process of certification and may still be entitled to trade, or who have been certified within the last month but their details have not yet been entered into the tables. If you have questions about whether a lender you are dealing with is certified, you can contact the Commission at certification@comcom.govt.nz. The Commission recommends that borrowers and members of the public always make their own enquiries into lenders and make informed decisions before deciding whether to engage with a lender or mobile trader.
