Ferratum New Zealand Limited, a high-cost lender, has admitted that it has breached responsible lending provisions of the Credit Contracts and Consumer Finance Act 2003.
The company has admitted that from June 2015 to October 2018, it breached the CCCF Act in respect of the 46 named borrowers by:
- failing to exercise reasonable care in advertising loans;
- failing to make reasonable enquiries as to those borrowers' requirements and objectives;
- failing to assist those borrowers in reaching informed decisions as to whether or not to enter into loans.