Financial Services Federation

1. Business Name: Financial Services Federation Incorporated (FSF) – also known simply as the Financial Services Federation. It is the industry body representing New Zealand’s specialist non-bank lenders.

2. New Zealand Business Number (NZBN): 9429042700234. (Registered as an incorporated society.)

3. Legal Status: Incorporated Society (not-for-profit) founded in 1965. The FSF has represented the non-bank financial sector in New Zealand for over 59 years.

4. Headquarters: Wellington, New Zealand. Physical office at Level 6, 166 Featherston Street, Wellington. Postal address: PO Box 10053, Wellington 6143.

5. Website: fsf.org.nz – Official website of the Financial Services Federation. (Contact email: fsf@fsf.org.nz; Telephone: +64 4 472 1731.)

6. Leadership: Executive Director – Lyn McMorran, appointed 2012 (formerly a Westpac bank executive). Governance is by an Executive Committee (Board) drawn from member companies. The FSF Board is chaired by Todd Hunter (CEO of Turners Automotive Group) with Jane Dunkerley (Centracorp Finance) as Deputy Chair. Other board members include senior executives from UDC Finance, Humm Group, MTF Finance, Speirs Finance, Autosure, and First Credit Union.

7. Staff: Operates a small Wellington-based secretariat. Key staff (as of 2025) include: Lyn McMorran (Executive Director); Sue Bentley (Office Manager); Hannah McKee (Marketing, Communications & Events Manager); Katie Rawlinson (Legal & Policy Manager); and Alana Nixon (Business Development & Stakeholder Engagement Manager). Total staff is approximately five, indicating a relatively lean organisation.

8. Members: Approximately 100 member organisations (achieved for the first time in 2024). Members are primarily non-bank lenders, including finance companies, vehicle and equipment leasing firms, credit unions, building societies, credit-related insurance providers, and credit bureaus. Notable members (current as of 2025) include both domestic and multinational institutions: for example Turners Automotive Group, UDC Finance, Avanti Finance, MTF Finance, First Credit Union, Nelson Building Society, Harmoney, Prospa NZ, Toyota Financial Services, Mercedes-Benz Financial Services, Yamaha Motor Finance, American Express (NZ), Afterpay NZ, Zip Co, and others. (A full member directory is published on the FSF website.)

9. Ownership / Shareholding: Not applicable. The FSF is a non-profit incorporated society with no shareholders. It is collectively “owned” by its member companies, each of which pays fees to fund the organisation. (Membership and influence within FSF are determined by its member firms rather than shareholding.)

10. Funding and Financial Backing: Primarily funded by member subscriptions and sponsorships. Larger finance companies and financial institutions (including subsidiaries of major international firms) are significant financial contributors by virtue of membership. The Executive Committee is comprised of representatives from some of the biggest members, indicating those firms (e.g. Turners, UDC, major auto-finance companies) have a strong role in guiding FSF’s finances and strategy. Specific financial data not publicly available – the FSF’s financial statements are not published on its website (typical for an incorporated society, filings would be made to regulatory authorities but are not readily accessible online). Data Not Found on exact budget or revenue.

11. Political Donations: Data Not Found. There is no record of the Financial Services Federation (as an organisation) making any donations to political parties or candidates. Likewise, no known political donations by its key officers have been disclosed in public registers as of 2025. (New Zealand’s Electoral Commission donation records contain no mention of FSF.) The FSF tends to exert influence via lobbying and submissions rather than direct political donations.

12. Lobbying Activities: Actively engaged in lobbying and advocacy on financial sector policy. The FSF regularly makes submissions to government consultations and Parliament on laws affecting lenders (e.g. credit laws, prudential regulation, banking competition inquiries). It often appears before Parliamentary select committees and working groups on finance issues. For example, FSF representatives (including Executive Director Lyn McMorran) provided input to the 2023–24 Commerce Commission market study into banking and the ensuing Finance and Expenditure Committee inquiry. The FSF also engages directly with Ministers and officials behind the scenes: an Official Information Act release shows that in late 2020 the FSF wrote privately to the Minister of Commerce urging changes to new lending regulations. Government ministerial diaries record that the Commerce Minister has met with or spoken at FSF forums (e.g. Hon David Clark addressed an FSF annual meeting in March 2021). These examples illustrate the FSF’s regular lobbying channels: formal submissions, private communications to policymakers, and hosting officials at industry events.

13. Policy Stances: The FSF’s advocacy generally promotes the interests of non-bank lenders, often arguing for “proportionate” regulation and against rules it sees as overreach. It has championed voluntary self-regulation in areas like responsible lending and debt collection practices, while critiquing or seeking to amend some government proposals. For instance, in 2019 the FSF opposed a blanket interest-rate cap on loans, proposing an alternative approach to target predatory lending without unduly limiting credit access. In 2021–2022, the FSF was vocal about the Credit Contracts and Consumer Finance Act (CCCFA) reforms; it warned that overly prescriptive affordability checks were causing negative outcomes, and later welcomed the Government’s reversal of some “overly arduous” lending rules as a “return to commonsense”. The FSF generally lobbies for a balanced approach: it publicly supports consumer protection in principle, but often pushes back against specific regulatory measures that it believes would constrain legitimate lending or impose excessive compliance costs.

14. Affiliations and Partnerships: FSF and its members adhere to the ASA’s Financial Advertising Code and participate in self-regulation of marketing practices. The FSF also maintains links with counterpart industry bodies overseas. It engages with the Australian Finance Industry Association (AFIA) and other international forums – for example, FSF’s Executive Director has appeared as a speaker in AFIA events, indicating cross-Tasman cooperation among finance industry lobbies. In New Zealand, the FSF often interfaces with broader business coalitions on financial legislation and sometimes aligns with the New Zealand Bankers’ Association (NZBA) on shared interests (though the two bodies represent different sectors, they have collaborated on issues like credit law reform). The FSF has also partnered with non-profit groups on specific initiatives – notably teaming up with Good Shepherd NZ in 2024 to develop a voluntary code of practice to help lenders support survivors of family violence and economic abuse. This partnership is presented as a proactive step to improve industry social responsibility.

15. Controversies and Criticism: The Financial Services Federation’s history is intertwined with the finance company collapses of the late 2000s. During 2006–2010, dozens of finance companies failed in NZ, badly damaging public trust. The FSF at the time highlighted that its remaining members were the “strong and viable” firms distinct from those that had engaged in high-risk lending. Nonetheless, some of those failed companies had previously been part of the wider non-bank sector that FSF represents, casting a long shadow. Critics have periodically questioned the effectiveness of the FSF’s voluntary codes and “responsible lending” commitments, especially when contrasted with its lobbying against tighter regulation. Consumer advocates argue that industry self-regulation (like the FSF’s Responsible Lending Guidelines introduced in 2011) was inadequate to prevent harmful lending, pointing to the eventual need for stronger laws. More recently, the FSF’s successful push to roll back parts of the 2021 CCCFA reforms has drawn concern from budget advisors and consumer groups who fear a return of looser lending standards. The Federation’s stance that certain lending rules were overzealous was not universally shared; for example, debt counselling charities warned that any retreat could reopen the door to irresponsible lending practices.

16. Revolving Door and Influence Concerns: The FSF has faced scrutiny for potential “revolving door” dynamics. Its former Executive Director Kirk Hope left in 2012 to become CEO of the NZ Bankers’ Association (the banking lobby), exemplifying how leadership can shuffle between influential industry groups. He is now CEO at the Financial Services Council New Zealand. The current FSF head, Lyn McMorran, came from a career in mainstream banking (Westpac) and also led a financial advisers’ professional body, reflecting how industry insiders occupy lobbying roles. This close-knit nature of the financial sector means the Federation is well-connected: its officers and board routinely engage with government officials, sometimes via informal channels. However, no former Ministers or MPs are on the FSF staff or board (as of 2025), so it hasn’t seen the direct revolving-door hiring of ex-politicians that some other lobby groups employ. The influence exerted by FSF tends to be through behind-the-scenes expertise and persistent advocacy by industry veterans, rather than via public-facing political figures.

17. Transparency: The FSF does not disclose details of its lobbying meetings or communications on its website – there is no voluntary lobbying register of its activities. New Zealand’s lack of a mandatory lobbyist registry enables this opacity. Consequently, much of what is known about FSF’s government engagements comes from indirect sources (OIA requests, ministerial diaries, or references in officials’ speeches). The Integrity Institute’s own analysis of NZ’s lobbying environment has called it a “Wild West” due to such gaps. The FSF positions itself as a transparent, ethical voice for lenders (emphasising its Code of Conduct and claiming high standards among members), but it provides minimal public reporting of its outreach to policymakers. This absence of disclosure, combined with the Federation’s role in quietly shaping finance policy, has led to criticism that important lobbying happens out of public sight. In the context of rising calls for lobbying transparency and an official register, the FSF’s practices exemplify the current state of play – perfectly legal, yet largely hidden from the public eye.

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Sources

[1] About Us – Financial Services Federation (FSF). Financial Services Federation official website. https://fsf.org.nz/about-us (Describes FSF as the industry body for specialist lenders in NZ, and lists types of members)

[2] Resignation of FSF Executive Director. Scoop News (Press Release by Financial Services Federation), 24 Feb 2012. https://www.scoop.co.nz/stories/BU1202/S00848/resignation-of-fsf-executive-director.htm (States FSF is an incorporated society representing NZ’s non-bank financial sector since 1965, and notes Kirk Hope’s resignation and successor)

[3] Viable financiers ready to lend. Otago Daily Times, 12 Aug 2010 (Opinion by Kirk Hope). https://www.odt.co.nz/opinion/viable-financiers-ready-lend (Op-ed by then-FSF CEO arguing the case for remaining finance companies post-2008, notes 59 finance company failures and that FSF represents 40 viable firms, mentions FSF’s history and role)

[4] Official Information Act Response 20220006 – Treasury advice on Responsible Lending Code. The Treasury (NZ), released Apr 2022. https://www.treasury.govt.nz/sites/default/files/2022-04/oia-20220006.pdf (Includes correspondence from FSF Executive Director Lyn McMorran to Minister David Clark in Nov 2020. FSF’s letterhead shows NZBN 9429042700234 and tagline “A National Federation of Financial Institutions”, and the briefing notes FSF’s lobbying to delay credit regulations)

[5] Ministerial Diary Summary – March 2021 (Hon Dr David Clark). New Zealand Government (Beehive.govt.nz), published 2021. https://www.beehive.govt.nz/sites/default/files/2021-06/Clark%20March%202021%20Diary.pdf (Records that on 17 March 2021 Minister Clark from Commerce and Consumer Affairs spoke at the “Financial Services Federation General Meeting” in Wellington, indicating FSF’s access to ministers)

[6] News Release: FSF marks 100-member milestone. Financial Services Federation via Scoop News, 28 Aug 2024. https://www.scoop.co.nz/stories/BU2408/S00210/fsf-marks-100-member-milestone-unconventionally.htm (Announces FSF reaching 100 members for the first time in its 59-year history, quoting Lyn McMorran on the growth and viability of the non-bank sector)

[7] Financial Services Federation – Member Directory (Contact Information). Financial Services Federation official website. https://fsf.org.nz/member-directory (Provides FSF’s contact addresses: PO Box 10053, Wellington 6143, and Level 6, 166 Featherston St, Wellington; also lists member companies A–Z)

[8] Financial Services Federation Executive Committee (Board) – FSF website (About Us > Executive Committee). https://fsf.org.nz/about-us (Lists FSF’s Board members as of 2025, including Chair Todd Hunter of Turners, Deputy Chair Jane Dunkerley, and other executives from UDC, Humm, MTF, etc.)

[9] Lyn McMorran to head FSF. interest.co.nz, 27 Mar 2012. https://www.interest.co.nz/news/58477/former-westpac-private-bank-area-manager-appointed-exec-director-financial-services (News article by Gareth Vaughan noting Lyn McMorran’s appointment as FSF Executive Director, replacing Kirk Hope. Mentions McMorran’s Westpac background and that FSF represents finance companies, building societies, etc.)

[10] NZ Herald: Tech touted as banks’ biggest competitor in inquiry. The New Zealand Herald, 13 Nov 2024. (Quoted in FSF news page: FSF’s Lyn McMorran told a parliamentary inquiry that non-bank lenders are better placed than big banks to innovate, noting popularity of buy-now-pay-later among young people)

[11] Commerce Commission market study into Personal Banking – FSF submission highlights. Financial Services Federation (Press Release), 1 May 2024. https://www.scoop.co.nz/stories/BU2405/S00007/fsf-submission-highlights-non-bank-lenders-role-in-banking.htm (Summarizes FSF’s submission to the Commerce Commission’s banking services study, stating 1.7 million consumers use non-bank lenders and calling for empowering that sector)

[12] Financial Services Federation – Submissions (2024–2025). FSF official site (News & Advocacy > Latest Submissions). https://fsf.org.nz/news-advocacy (Lists recent FSF submissions including: Inquiry into banking competition (Sep 2024), Deposit Takers Bill consultations (2024), etc., demonstrating FSF’s involvement in policy processes)

[13] FSF reacts to government’s interest rate cap announcement. Financial Services Federation via Scoop News, 3 Sep 2019. https://www.scoop.co.nz/stories/BU1909/S00074/fsf-reacts-to-governments-interest-rate-cap-announcement.htm (FSF media release acknowledging new caps to protect borrowers as “a step in the right direction” but urging more targeted measures against predatory lenders, reflecting FSF’s nuanced opposition to a strict interest cap)

[14] “Unique solution to better protect vulnerable borrowers”. Financial Services Federation via Scoop News, 9 Jul 2019. https://www.scoop.co.nz/stories/BU1907/S00229/unique-solution-to-better-protect-vulnerable-borrowers.htm (FSF press release where it touts its own proposal to MBIE to help vulnerable borrowers in lieu of the Bill’s proposed interest/fee caps. Notes FSF’s strict membership eligibility and Code of Conduct as assurance of responsible lending)

[15] Advertising Standards Authority – Member Organisations (Financial Services Federation). Privacy Commissioner NZ – Credit Reporting Code Review Submissions (2011). https://privacy.org.nz (In a 2011 submission, the FSF stated: “We are a member organisation of the Advertising Standards Authority Inc (ASA) and our members are required to support our own Codes…”, confirming FSF’s membership in the ASA’s self-regulatory framework)

[16] FSF welcomes CCCFA rule changes as ‘commonsense’. interest.co.nz, 22 Apr 2024. https://www.interest.co.nz/personal-finance/127388/commerce-and-consumer-affairs-minister-andrew-bayly-details-easier-access (Article by Gareth Vaughan on Minister Bayly easing loan affordability regulations; quotes FSF Executive Director Lyn McMorran saying the changes are “a welcome return to commonsense and will make credit more accessible for all NZ consumers.”)

[17] Launching the NZ Lobbying & Influence Register. LinkedIn – Bryce Edwards (Integrity Institute), 7 Apr 2025. https://www.linkedin.com/pulse/launching-nz-lobbying-influence-register-bryce-edwards (Integrity Institute Director Bryce Edwards discusses NZ’s lack of lobbying transparency, noting “New Zealand is a Wild West of unregulated lobbying” and ranked 34th of 38 by OECD for influence regulation, due to no official register)

Spot anything in this entry that is wrong? Please either leave a comment at the end or email, in confidence: bryce@democracyproject.nz