Watchdog swoops on finance companies

Saturday 14 February 2004

The Securities Commission yesterday fronted up to concern over mushrooming non-bank lending, revealing it is launching a review of disclosure by finance companies.

By The Landlord

But some finance sources say the ambit of the review is not wide enough, given the risks of New Zealand's overheated property market, and are calling for more regulation in the wake of last year's International Monetary Fund review of New Zealand's financial sector.

The finance company sector has been growing like topsy, with some issuers doubling their loan books each year as they borrow millions from mum and dad investors looking for higher interest rates.

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