www.autofile.co.nz
AUGUST 2025
THE TRUSTED VOICE OF NZ’s AUTOMOTIVE INDUSTRY SINCE 1984
Fresh disruption of lending laws ahead
Finance sector weary of legislation changes but welcomes repeal of earlier ‘nonsensical’ reforms
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roviders of finance and car dealers are hoping “necessary and welcome” reforms of lending laws will bring a period of consolidation for the industry after numerous changes over the past decade. Further amendments to the Credit Contracts and Consumer Finance Act (CCCFA) have been put forward by the government to simplify and streamline regulation of financial services, remove undue compliance costs for businesses and improve outcomes for consumers. Key alterations proposed include transferring regulatory responsibility for credit contracts and consumer finance from the Commerce Commission to the Financial Markets Authority (FMA), and transitioning creditors and mobile traders to a new licensing regime. The CCCF Amendment Bill will also align the act more closely with other financial market
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Turners’ $36 million Christchurch expansion Improving transport at T-Tech 2025 p 10
legislation by repealing rules, such as the duty of due diligence for directors and senior managers, that are considered unnecessary because of the new approach. The proposals are part of a reform package of three bills, which also includes the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill and Financial Markets Conduct Amendment Bill. Parliament’s finance and expenditure committee is currently considering submissions on
the bills and is due to report its findings to MPs on October 20. The Financial Services Federation (FSF), whose members include motor-vehicle finance providers and agents, is among those to have had their say on the CCCF Amendment Bill. It is calling for the changes to be the last for some time to avoid its members incurring extra costs and allow them to instead focus on putting more resources into developing products for consumers.
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Celebration for federation’s 60th
American flagship down under p 22
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