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What: Directors and senior managers of companies that provide consumer credit have to be certified as ‘fit and proper’, to provide this service. This means they’re deemed to be financially sound, honest, reputable, reliable and competent to do the job. There are also new due diligence requirements, which means directors and senior managers now need to take reasonable steps to make sure that if a business is providing consumer credit, there are procedures in place to make sure the business’s obligations under the law are being met.
In addition, there are new requirements around:
Why: To reduce problem debt and resulting consumer harm.
What you need to do: If you’re a director or senior manager of a company that provides consumer credit you must:
Due diligence guidance(external link) — Commerce Commission
Fit and Proper Person certification(external link) — Commerce Commission
Credit: Extract from https://www.business.govt.nz/news/law-changes-round-up/
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