finPOWER Connect - Annual Commerce Commission Report (NZ)

The Annual Return for the period 1 April 2024 to 31 March 2025, must be provided to the Commerce Commission by 30 June 2025

Introduction

Commencing in 2024, the Credit Contracts and Consumer Finance Act 2003 (CCCF Act) requires that every creditor operating under a consumer credit contract furnishes an Annual Return to the Commerce Commission in a prescribed manner.

The purpose of requiring an Annual Return is to support the Commission’s monitoring and enforcement functions by providing information about the consumer credit market. The information that needs to be present in the Annual Return focuses on the volume of credit being advanced through consumer credit contracts, including the sub-set category of high-cost consumer credit contracts.

An annual return must be provided by every lender unless an exemption applies. The New Zealand Commerce Commission advises in their guidance documents that you are deemed to be a lender if any or all of the following apply:

creditor under a consumer credit contract as set out in Section 11 of the CCCF Act;

a creditor under a Buy Now Pay Later (BNPL) Contract as defined in Regulation 3(1) of the Regulations;

a mobile trader under a credit sale where goods are sold to a natural person as set out in Section 16A of the CCCF Act; and/or,

a lessor under a lease of goods as set out in Section 16(1) of the CCCF Act.

The Annual Return must be provided to the Commission by 30 June each year and should relate to the preceding 12-month period 1 April to 31 March.

For more information pertaining to the requirements of Annual Returns please review the below guidance document produced by the Commerce Commission New Zealand in March 2025.

Guidance for annual returns required to be submitted by lenders

Overview

This blog details the processing of the Annual Commerce Commission report in finPOWER Connect, including a breakdown of how values are determined. It can assist in completing the Annual Report as required by the Commerce Commission New Zealand.

NB: This is not a final or conclusive report and may not be suitable for use as-is. Please review the contents carefully for accuracy and conduct your own assessment before relying on the information.

The information in this guide is based on version 1.04 of the Report, of which can be found in version 4.01.00 of finPOWER Connect & finPOWER Connect Cloud. Additionally, this report can be customised to meet your specific requirements.

Disclaimer

This blog is intended as a guideline only. It is not intended to be definitive and should not be used as a substitute for legal advice. "Users" are solely responsible for staying up to date with legislative changes.

It is the responsibility of "Users" of the Report to ensure that the Report is suitable for their purposes. It is recommended that independent professional advice is sought from sources such as lawyers, accountants, and government departments prior to finalising an Annual Commerce Commission Report.

The content presented in this blog is current as of the date of publication. Please be aware that legislative revisions could impact its accuracy.

NB: Some features mentioned may not be accessible in certain editions of finPOWER Connect. It is advised to contact mbsl to confirm the status of updates and for additional details.

System Requirements

Version

The report is available from version 4.00.03 onward, in both finPOWER Connect & finPOWER Connect Cloud.

Permissions

To access the report, the user must be an Administrator User Level or have the below permission/s set to Allow for their associated Role.

finPOWER Connect Permission:

Menu.Process.Compliance.CommerceCommission_Report_NZ

finPOWER Connect Cloud Permission:

Cloud.Compliance.CommerceCommissionReportNZ

The Report Explained

7.1 - Number of HCCCC (High-Cost Consumer Credit Contracts)

finPOWER Connect HCCC Spreadsheet example

This list shows the number of High-Cost Consumer Loans opened in the reporting period, grouped by Account Type.

Count

The number of High-Cost loans in the Count is determined by accounts that fit the below criteria & were opened during the set Reporting Period.

Account Class: All Loan classes.
Credit Type: Consumer.
Regulation: NZ High-Cost Consumer Credit Contract (as set on the account type).
Entity: As set by user.
Reporting Period: As set by a user.

NB: does not take into account related Consumer Credit Accounts

7.3 - Number of Other CCC (Consumer Credit Contracts)

7.4 - Material Changes

This list shows the number of material changes for all Consumer Loan Account Types, in the reporting period, grouped by Account Type.

Credit Limit Changes

The total number of Credit Limit increases taken place on each account per account type.

Account Class: Revolving Credit Loan.
Credit Type: Consumer.
Account Type, Credit Limit: Credit Limit 1 only.
Credit Limit value: Where the credit limit has increased from the previously set limit.
Entity: As set by user.
Reporting Period: As set by user.

NB: Will not include Credit Limit decreases.

Number of additional Advances

The total number of Advances made in addition to the Opening Advance/s, on each account per account type.

Account Class: All Loan Classes.
Credit Type: Consumer.
Transaction: Advance (not on Opening date).
Entity: As set by user.
Reporting Period: As set by user.

Number of Transfer Ins

The total number of Transfers made per account type that debit the account balance.

Account Class: All Loan Classes.
Credit Type: Consumer.
Transaction: Transfer (Debit only).
Entity: As set by user.
Reporting Period: As set by user.

finPOWER Connect Material Changes spreadsheet example

7.5 - Advances & Credit Limits

The list shows the total Advances & Credit Limits for all Consumer Loans, in the reporting period, grouped by Account Type.

Total Loan Advances

The total of Advance transaction amounts per Account Type.

Account Class: All Loan classes.
Credit Type: Consumer.
Element Type: Advance.
Transaction Date: All transactions occurring during set Reporting Period, excluding reversed transactions.
Entity: As set by user.
Reporting Period: As set by user.

Total Loan Advances (including Transfers In)

The total of the Advance & Transfer amounts made per Account Type that debit the account balance.

Account Class: All Loan classes.
Credit Type: Consumer.
Element Type: Advance & Transfers (that Debit the account).
Transaction Date: All Advances & Transfers during set reporting period, excluding reversed transactions.
Entity: As set by user.
Reporting Period: As set by user.

NB: This value could be used in place of “Total Loan Advances” if you want to include Transfers that debit the account.

Total Credit Limit

The total of Credit Limit values per Account Type.

Account Class: Revolving Credit Loan.
Credit Type: Consumer.
Account Type, Credit Limit: Credit Limit 1 only.
Credit Limit: Highest Credit Limit value during the reporting period.
Entity: As set by user.
Reporting Period: As set by user.

Credit Limit is the highest Credit Limit for a loan during the reporting period, even if the account is presently closed.

finPOWER Connect spreadsheet depicting Advances & Credit report example

Account Data

The Account Data list is “raw data” used to generate the report, comprised of all accounts that meet the specified criteria.

Column Breakdown

Account Class: All Loan classes.
Credit Type: Consumer.
Entity: As set by user.
Reporting Period: As set by user.
Sorted: By Account Id.
Fields only filled if relevant to Account Type.

finPOWER Connect Account Data spreadsheet sample

Download a sample finPOWER Connect Commerce Commision Annual Report

Report Process - finPOWER Connect

Running the Report

Select - Process > Compliance > Annual Commerce Commission Report (New Zealand)

A screenshot of a computer screen showing the finPOWER Connect compliance menu

Select - An Entity to report on > Specify a Date range > Process

The Date range picks up accounts that have had an Open status within this period.
The report cannot be run in advance.
The report only Account types with a Credit Type of Consumer.

A screenshot of an annual commerce commission report options

Click OK to confirm the message pop-up

A computer screen asking if you want to run the annual commerce commission report.

Select Yes to open the file

A computer screen asking if the report is and Open the report

If the User Preferences > Messaging > Email > SMTP settings are configured, and the User's contact email saved on the User Record, a confirmation with the Report attached will be sent.

A screenshot of a computer screen that says ACCR (NZ) complete

Accessing previously Generated Reports

Select Recent in the Annual Commerce Commission Report wizard

A screenshot of how to access previous generated annual commerce commission reports

Click on the ellipsis to drilldown on the required Report > Click 'Yes' on the popup message to open the Report.

A computer screen shows a list of recent annual commerce commission reports.

Report Process - finPOWER Connect Cloud

Running the Report

Select - Process & Procedures > Compliance > Annual Commerce Commission Report (New Zealand)

finPOWER Connect_Centrix_SmartID_Verification

Select - An Entity to report on > Specify a Date range > Process

The Date range picks up accounts that have had an Open status within this period.
The report cannot be run in advance.

Click OK to confirm the message pop-up

A computer screen asking if you want to run an annual commerce commission report.

Read the message, Click OK to proceed

A computer screen shows a message that the CCAR report has been started

Once the report is complete, click OK > Close

A screenshot of a computer screen with a arrow pointing to the ok button.

If the User Preferences > Messaging > Email > SMTP settings are configured, and the User's contact email saved on the User Record, a confirmation with the Report attached will be sent.