Focus on engagement, not enforcement, as FMA takes on consumer finance responsibilities

15 minutes ago

FMA executive director Clare Bolingford.

The Financial Markets Authority (FMA) is taking over responsibility for the regulation of the controversial Credit Contracts and Consumer Finance Act (CCCFA) with a view to making it work better for consumers and lenders.

The transfer of responsibility from the Commerce Commission to FMA will take place from 1 July, including the transfer of experienced CCCFA staff from the commission.

FMA executive director Clare Bolingford said the FMA would use its full range of regulatory and enforcement powers to deal with misconduct, though the focus was on engagement with industry.