Broker organisations with a Financial Advice Provider licence are welcome to join
The Financial Services Federation (FSF), a non-profit organisation that serves as the voice of New Zealand’s responsible non-bank lending sector, is now extending its membership to the nation’s responsible broker community.
In line with FSF’s strategic objectives to expand as the home for responsible non-bank financial services providers, the industry body said it is now accepting applications from broker organisations with a Financial Advice Provider licence.
The licence, issued by the Financial Markets Authority (FMA), holds brokers to certain standards, including fit-and-proper-persons requirements for directors and senior managers, and membership to a dispute resolution scheme.
“Brokers and financial advisers are an integral part of the responsible lending system in ensuring good outcomes for consumers and businesses from the outset,” said Lyn McMorran (pictured above), FSF executive director.
Newmarket-based Loansmart was the first official member of this category to join FSF.
“Loansmart is proud to be an associate member of the FSF and to be associated with an organisation that promotes fair and ethical lending,” said Murray Greig, Loansmart managing director. “We are delighted to be recognised by the FSF as a reputable finance provider. This demonstrates our commitment to providing our customers with financial solutions that are suitable and protect their interests.
“The broker market in NZ is expanding quickly as clients look for impartial advice to assist with their financial requirements. We look forward to working alongside other FSF members to continually increase the standards for responsible lending in NZ.”
FSF currently has 90 members, which collectively reach 1.7 million New Zealand consumers and businesses. Its members include Prospa, Avanti Finance as well as the finance arms of motor vehicle brands such as BMW, Nissan, Mercedes-Benz, Toyota, and Honda.
Visit FSF’s website for a full list of members and details of membership.
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