Free scholarships available
The Financial Services Federation (FSF) has partnered with education solutions provider Strategi to launch the NZQA level 5 micro-credential in consumer credit.
This gold standard for New Zealand lenders aims to enhance the skillset of professionals operating in the regulated consumer credit sector, including lenders (both bank and non-bank), brokers, fintech companies, and financial mentors, to enable them to navigate the challenging landscape and contribute to positive consumer outcomes.
Comprising eight modules, the course delves into key areas such as the Credit Contracts and Consumer Finance Act (CCCFA), the broader legislative framework including anti-money Laundering and privacy, responsible lending, disclosure requirements, repayment difficulties, credit-related insurance, and credit reporting.
The course not only addresses the legal aspects but also the importance of fair and ethical treatment of borrowers, particularly those in vulnerable circumstances.
FSF, as the industry body for ethics-driven, non-bank lenders in New Zealand, aims to formalise its commitment to responsible lending practices through this initiative.
“There’s nothing like this out there for lenders at this level, you could do a business degree and won’t even hear the words ‘CCCFA,’ said Lyn McMorran (pictured above), executive director of the FSF. “You learn in-house, on the job, and like in any industry, habits get passed on – this qualification sets a standard.
“It is important that we retain and attract good people in the non-bank lending sector, and we hope this qualification helps to elevate consumer credit as a fulfilling profession. It is particularly important for FSF’s non-bank lending members as they currently serve more than 1.7 million New Zealanders.”
To support the professional development of financial mentors, FSF has committed to offer 10 free scholarships for the new qualification. The course is open for enrolment from today, Nov. 29, accessible through the Strategi website. For further details, see the brochure.
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