Oxford Finance announces new funding arrangements
Instead, BNZ will replace public investment for the purposes of funding the Oxford Finance lending business.
Oxford Finance executive director John Yeoman said the decision to move away from offering debt securities was not taken lightly. He said the company was aware of the large group of loyal investors who had entrusted their investments with the company, some going back 23 years to its origin.
However, he said the reform in the financial services industry in the wake of the global financial crisis has resulted in a significant increase in the level of disclosure and adequacy requirements, including changes to the Non-Bank Deposit Takers regulations.
"While these reforms are a positive thing for investors, it does come at a considerable additional cost to organisations offering debt securities to the public," he said.
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