From 1 July 2026, responsibility for the Credit Contracts and Consumer Finance Act (CCCFA) transferred from the Commerce Commission to the Financial Markets Authority (FMA).
If your business provides consumer credit, the way it’s supervised has changed.
At first glance, that might sound like an administrative change.
It isn’t.
For finance companies and other consumer credit providers, the move signals a shift in how the sector will be supervised. While existing lenders have transitioned automatically into the FMA’s licensing regime, they’re now dealing with a regulator that has a different supervisory style, broader regulatory tools and a strong focus on governance, conduct and consumer outcomes.
More than a new licence
Most existing lenders won’t need to do anything to obtain an FMA licence. Existing certifications have transitioned automatically.
However, holding an FMA licence brings businesses into the FMA’s ongoing supervisory framework, including expectations around governance, monitoring and reporting.
For organisations that haven’t previously dealt with the FMA, that may require a change in mindset.
If your team needs a refresher on what outcomes-focused regulation looks like in practice, our Consumer Credit (Micro-credential) (Level 5) can help build that foundation.
What should businesses focus on?
Rather than trying to understand every legislative change, focus on the practical implications.
Ask yourself:
- Does our governance framework reflect the FMA’s expectations?
- Are our compliance and breach reporting processes fit for purpose?
- Do our directors and senior managers understand their responsibilities?
- Are we ready to engage with an outcomes-focused regulator?
If you’re uncertain about any of these questions, now is a good time to review your framework.
Business as usual? Not quite.
The transfer doesn’t mean businesses need to rebuild everything from scratch.
But neither should it be treated as business as usual.
The FMA has consistently taken an engagement-led, risk-based approach to supervision. Businesses can expect greater focus on governance, consumer outcomes and evidence that compliance systems are working effectively in practice.
Understanding those expectations now will put your business in a much stronger position as the new supervisory framework becomes embedded.
We can help you review your compliance framework and governance arrangements and identify any areas that may need attention. We also offer the Consumer Credit (Micro-credential) (Level 5) for teams wanting to build their understanding at their own pace. Our team would be happy to talk through the next steps and explore the options best suited to your business.