NZ's largest non-bank lender joins FSF

The membership has given the FSF a record year for joiners

NZ's largest non-bank lender joins FSF

UDC Finance has joined the Financial Services Federation (FSF) as a member, giving the FSF a record year of membership.

The FSF is a non-profit which represents New Zealand’s non-bank financial institutions and promotes responsible lending. UDC Finance has joined the body after having completed the sale of its vehicle and asset finance business by ANZ to Shinsei Bank in September 2020.

FSF executive director Lyn McMorran says UDC is set to continue as New Zealand’s largest non-bank lender under the management of Shinsei Bank.

“UDC’s growth is a prime example of the importance of the non-bank sector in New Zealand’s economy,” McMorran said.

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“But what we consider in a prospective member isn’t the size of their loan book, but that we can be satisfied their commitment to responsible lending matches ours, and it is exactly that reason why we are delighted to call UDC a member.”

UDC Finance currently has approximately 82,000 active borrowers, manages loans totalling over NZ$3.3 billion, and employs 225 staff across the country. UDC CEO Wayne Percival says its joining of the FSF signals a commitment to good customer outcomes.

“We recognise that UDC has a role to play in supporting our industry and the important work the Financial Services Federation does,” Percival commented.

“Becoming a member of the FSF again is part of our commitment to ensuring as a business, and member of the finance industry, responsible lending and good customer outcomes remain a key focus area.”

The FSF now has a total of 63 members, having also welcomed AA Money, Auto Finance Direct, Happy Prime, Collection House Limited and 225 Finance over FY19/20.