New Zealand Financial Markets Authority takes over consumer credit regulation and sets initial supervision priorities

The New Zealand Financial Markets Authority has taken over from the Commerce Commission as the regulator for the consumer credit sector, making it the single conduct regulator for financial markets in New Zealand. The change was enabled by the Credit Contracts and Consumer Finance Amendment Act 2026 and centralises conduct oversight for credit, with the authority framing the shift as bringing clearer rules, enhanced regulatory tools and more streamlined regulation for lenders and consumers. In its initial phase, the Financial Markets Authority will build on the expectations previously set by the Commerce Commission and focus on three areas. These are lending practices, particularly suitability and affordability assessments, remuneration structures and the management of conflicts of interest, and complaints handling processes.