Fair outcomes could be another CCCFA fiasco
In its submission to the FMA, BIG, representing most of the non-bank fund managers, says rather than a blanket set of outcomes for all, specifics agreed to by the different sectors would be more workable.
The most important outcomes for a bank are probably not the same as for a fintech startup which are different again from the NZX, a MIS manager or a financial adviser, it says in the submission.
It points to the current process of unwinding provisions of the CCCFA where applying one set of lending principles to all types of lending led to unintended consequences.
“Forcing mortgage lending and truck shop lending into the same regulatory box when clearly the policy considerations of those two activities are very different has caused significant harm which needs to be reversed,” says BIG chair Simon Haines.
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