Latest news with #SamanthaBarrass
Scoop
26-06-2025
- Automotive
- Scoop
FSF Turns 60, Minister Acknowledges Invaluable Work As Voice Of The Specialist Lenders
The Financial Services Federation (FSF) has commemorated 60 years driving New Zealand's economy forward as the industry body for specialist lenders and fleet leasing providers. The milestone was marked with a celebration at Parliament this week attended by members and esteemed guests including Commerce and Consumer Affairs Minister Scott Simpson and Financial Markets Authority Chief Executive Samantha Barrass. The event highlighted the evolution of the FSF, from its inception in 1965 as the NZ Finance Houses Association with 10 members — to what is now a thriving, $20 billion industry serving more than 1.7 million New Zealander consumers and businesses. "Specialist lenders are no longer on the periphery," Executive Director Lyn McMorran said. "The membership today spans 100 consumer and commercial lenders, non-bank deposit takers, fleet leasing firms, credit unions and building societies, insurers, and credit reporting agencies - all unified by their role in enabling financial access and injecting competition into a market long dominated by large, registered banks. "From vans powering small Kiwi businesses to large commercial fleets servicing the primary sector and national infrastructure, our members give businesses the tools to grow, to keep New Zealand moving, and provide the flexible finance options that consumers increasingly rely on." In his address, Minister Simpson thanked the FSF for its commitment to the sector. He also spoke of the Government's policy reforms towards a more streamlined financial services regulatory environment, commending the FSF on its valuable input into the consultation process. Don Atkinson, CEO of UDC Finance (FSF's founding member organisation in 1965) commended the FSF on its dedication to members. "Through education, advocacy, and high standards of conduct, the Federation has lifted the bar for our industry and given us a unified voice and a seat at the table which has proved especially valuable with the regulatory upheaval of the last few years." Atkinson spoke of what sets specialist lenders apart, and why the sector matters for New Zealand such as its ability to reach underserved communities, take risk, and drive innovation. "From online working capital to buy-now-pay-later, insurance premium funding to the challenge of guaranteeing electric vehicle values - specialist lenders have consistently delivered first-to-market, transformative products.' The anniversary highlighted key milestones in FSF's history, including pivotal legislative reforms like the Credit Contracts Act and ongoing advocacy for proportional and common-sense regulatory frameworks. Challenges and opportunities were also acknowledged such as the 2008 Global Financial Crisis which caused 67 finance companies to fail - two of which were FSF members. This time of huge change for financial services emphasised FSF's ethos to only admit companies it truly believes are committed to responsible practices — an approach to membership that remains today. The event also recognised FSF's role in pioneering educational initiatives like the NZQA Level 5 Micro-Credential in Consumer Credit, aimed at raising industry standards and promoting professional development. "In our journey from humble beginnings to today's vibrant sector, FSF has played a pivotal role in shaping New Zealand's financial landscape," concluded Lyn McMorran. "We're committed to leading the charge to ensure that New Zealanders have access to diverse and practical financial solutions that meet their evolving needs, and contributing to a financial ecosystem that fosters growth and opportunity." About the Financial Services Federation: The (FSF) is the non-profit industry association for specialist financial services providers who are not registered banks. Its members collectively reach 1.7million New Zealanders, and support both businesses and consumers across the country with competitive and innovative options from traditional finance providers. FSF's 99 members include finance, leasing and credit-related insurance providers, and include the likes of Turners, UDC, MTF, several credit unions and building societies, and the finance arms of global motor vehicle brands including Toyota, Nissan, Honda, BMW, and Mercedes-Benz (see the full member list here). With 60 years of history, FSF has stringent membership criteria and enforces a Code of Conduct to maintain high standards in responsible non-bank lending. FSF members prioritise compliance, support consumer protection enforcement, and advocate for balanced regulations that ensure New Zealanders have access to responsibly-provided credit.
Scoop
26-06-2025
- Business
- Scoop
New Report Sets Out Key Areas Of FMA Focus For Year Ahead
The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) has today released a key report designed to provide clarity to the financial sector on what to expect from the regulator. The Financial Conduct Report will be an annual publication for the financial industry, including banks, insurers, investment managers, capital markets and financial advisers. FMA chief executive Samantha Barrass said: 'We are responding to the clear desire for transparency, certainty and improved engagement with the sector, by setting out our priorities and the drivers behind what we're doing. 'Importantly, our report provides context and reasoning for these priorities by outlining key conduct risks and opportunities on the FMA's radar over the next 12 months and how we plan to address them. 'We are publishing this FCR in the context of an uncertain economic outlook, geopolitical changes, financial pressure on households and businesses, and an expanding regulatory remit for the FMA. This underscores the importance of engaging with the industry and stakeholders, to identify and respond to emerging risks. 'We encourage boards, executives and leaders to use the FCR to understand the FMA's regulatory priorities for the coming year and consider how these insights can help their business ensure better outcomes for consumers and markets. 'We have a number of priorities across the sectors we regulate. 'Examples of our priorities as a regulator, providing licensing, monitoring and guidance to the industry and enforcing current laws to bolster confidence in our financial sector include: We want to ensure consumers know how to complain and we'd like industry to take swift action to stop further harm and provide timely remediation when issues arise. We are actively working with other agencies and business to disrupt scam activity that originates within New Zealand to protect consumers from investment scams, which are increasingly affecting New Zealand consumers, and are growing in complexity and volume. We will continue to issue public warnings that highlight the high incidence of these misconduct cases. In addition, safekeeping of client money and property is fundamental for confidence in financial markets. So we'll be working with the Ministry of Business, Innovation and Employment (MBIE) to improve protections for assets held in custody. Strong custody is not just important to protect against fraud. Robust client asset protection provides confidence in our regulatory environment. 'Examples of our aim to support innovation and growth in financial markets – include: Implementing a single conduct licence Supporting market access through our regulatory sandbox pilot for a small group of fintech companies. By supporting firms to test new products and services in a controlled environment, we can improve our understanding of where our laws may impede innovation or drive firms to find ways to operate outside the regulatory perimeter. 'The report also demonstrates how we are readying ourselves for emerging risks and opportunities such as virtual assets, tokenisation, and industry readiness for operational resilience. 'We anticipate the FCR will become an annual go-to reference point for the FMA, stakeholders and media to understand where it is focused, and what it aims to achieve for the year ahead.' 'Overall, this report is a roadmap that sets out over the next 12 months why and how we are working towards achieving our statutory objective: to promote and facilitate the development of fair, efficient and transparent financial markets, and to promote the confident and informed participation of businesses, investors and consumer in financial markets.'
RNZ News
25-06-2025
- Business
- RNZ News
Removing red tape key priority for FMA
FMA chief executive Samantha Barrass. Photo: Supplied Removing red tape, disrupting scams and ensuring customers are treated fairly are amongst the key priorities for the country's leading financial markets' regulator. The Financial Markets Authority (FMA) has released its first Financial Conduct Report, which it plans to publish annually to provide clarity on what to expect from the regulator. Cross-sector priorities for the FMA for the upcoming year included removing unnecessary regulatory burden and combating scams. "We want to reduce unnecessary costs in applying for and maintaining licences," the FMA said. The report landed amidst a challenging period for the FMA, with job cuts and dissatisfaction amongst stakeholders. Chief executive Samantha Barrass said the agency wanted to maintain a strong dialogue with the industry. "What we learned from the survey last year was that we needed to do more of that and we've been increasing our engagement with the sectors that we regulate over the last year," Barrass said. "This report is about us being forward-looking, focused on the outcomes that matter to New Zealanders from their experience of financial services." Barrass said removing unnecessary regulations would help the FMA focus on regulations that helped fair treatment of customers. She added the agency had always taken an educational approach to enforcement, but would take firm action on firms that did not abide by the rules, and recent job cuts would not affect enforcement. In the financial advice sector, the FMA said it would look at conduct affecting vulnerable consumers. For insurers, the FMA would carry out proactive reviews for existing insurance products. The FMA said it would also tackle misleading disclosure by wholesale issuers in the capital markets sector, and monitor insider conduct. For fund managers, the FMA said it would have clear expectations for ethical investment disclosures, and ensure effective protection of client assets. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
22-04-2025
- Business
- Scoop
CoFR Seeking Feedback On Access To Basic Transaction Accounts
A basic transaction account should be available to anyone, irrespective of their circumstances, financial position or capability with technology, according to the Council of Financial Regulators (CoFR). CoFR, which includes the Reserve Bank of New Zealand, the Financial Markets Authority, the Commerce Commission, the Treasury and the Ministry of Business, Innovation and Employment, has released a joint Issues Paper on Access to Basic Transaction Accounts. Following the release of the Issues Paper, a public consultation is now open. CoFR is seeking feedback on the proposed introduction of basic transaction accounts to better support customer groups that are currently excluded. The consultation will remain open for eight weeks and will close on 18 June 2025. 'Having a transaction account means people can safely receive, store, spend and save money. Transaction accounts are a vital foundation for people to take part in the modern economy,' says Governor of the Reserve Bank of New Zealand, Christian Hawkesby. Basic transaction accounts are different from bank accounts that are currently on offer, as they have additional controls in place (such as transaction limits) that make them unsuitable for money laundering and the financing of terrorism. These additional controls make basic transaction accounts a low-risk product, allowing simplified onboarding. This means that basic transaction accounts can provide people with access to banking services who might otherwise be turned away, such as an older person whose driver's licence may have expired, someone who has recently been released from prison, or a young person who may not have a passport yet. The Issues Paper highlights different options that have been taken to introduce minimum standards for basic transaction accounts in other countries. FMA Chief Executive Samantha Barrass says, 'In order for the financial system to work for people in New Zealand, they need to be able to readily access basic banking services if they need them.' 'Overseas in places such as the UK, basic transaction accounts can be a lifeline for people to receive an income or make payments, and we want to see them available here,' she says. Mr Hawkesby says, 'We see the benefits that basic transaction accounts could have for some New Zealanders and broader society, particularly for customers who may be in challenging circumstances and struggle to meet traditional onboarding requirements, such as providing ID.' Westpac NZ recently launched a pilot basic bank account with the objective of improving access to banking services. Westpac NZ's new basic bank account will be a transactional bank account with simplified onboarding processes to support people who currently struggle to meet legal identification requirements. 'Our final market study report into personal banking services recommended that the sector works together to make basic bank accounts widely available. It's encouraging to see the issues paper published today and we encourage all stakeholders to have their say over the course of the next eight weeks,' Dr John Small, Chair of the Commerce Commission, says. More information Read the joint Issues Paper on Access to Basic Transaction Accounts ( This Issues Paper builds on Recommendation 14 from the Commerce Commission Market Study into personal banking services, for the banking industry to collaborate to make basic transaction accounts widely available. Consultation materials can be found on the Consultation Page on the RBNZ website. Consultation is open until 18 June 2025. What is CoFR? CoFR represents five agencies: The Reserve Bank of New Zealand, the Financial Markets Authority, the Commerce Commission, the Treasury and the Ministry of Business, Innovation and Employment. Financial inclusion is one of five priorities for CoFR. The CoFR Financial Inclusion Community also includes Te Ara Ahunga Ora The Retirement Commission and the Ministry for Social Development as observer agencies. View this site's section on financial inclusion for more information. What is financial inclusion? - 'When individuals and businesses have access to useful and affordable financial products and services that meet their needs -transactions, payments, savings, credit and insurance - delivered in a responsible and sustainable way.' This definition comes from the World Bank.
