Quick snapshot: How will this affect me?

For most Finance New Zealand clients, very little will change.

If you’re not currently applying for finance or making changes to your lending, you’re unlikely to notice any difference.

If you are applying for new finance, refinancing or making changes to existing lending:

• You may see some additional privacy wording or receive a privacy notification.
• This may happen where Finance New Zealand, a lender or another party receives personal information about you from someone else.
• Receiving a privacy notification doesn’t mean there is a problem with your application.
• In most cases, you won’t need to do anything.
• Your Finance New Zealand adviser will continue to guide you through the process and make you aware of anything you need to know as they work through your finance application with you.

In short: the changes are mainly about giving you greater visibility over how your personal information is collected and shared. Your Finance New Zealand adviser remains your main point of contact throughout the process.

For more detail on what IPP3A means, why you may receive a privacy notification and what Finance New Zealand has done to prepare, read on below.

What has changed?

When you work with your Finance New Zealand adviser, personal information may need to move between you, Finance New Zealand, lenders and other parties involved in assessing or arranging your finance.

IPP3A introduces additional requirements where a business receives personal information about you from someone other than you directly.

For example, as part of arranging finance, your Finance New Zealand adviser may receive information from your accountant, an existing lender or another party. Similarly, a lender may receive information about you from Finance New Zealand as part of assessing your application.

Where IPP3A applies, the organisation receiving that information may need to make sure you know it has been collected and explain how it is being used.

What does this mean for my Finance New Zealand application?

For most clients, very little changes.

Your Finance New Zealand adviser will continue to work with you to understand what you need, identify suitable finance options and work with the appropriate lenders on your behalf.

As part of that process, you may now see additional privacy wording or receive a privacy notification explaining that personal information about you has been received from another source.

This doesn’t mean there is an issue with your application. In most cases, it is simply part of the updated privacy requirements.

Your Finance New Zealand adviser will guide you through the process and make you aware of anything relevant to your application as they work through it with you.

Why might I receive a privacy notification?

You may receive a notification from Finance New Zealand, a lender or another party involved in your finance application if they have received personal information about you from another source.

For example, a lender may receive information from Finance New Zealand that you originally supplied to your Finance New Zealand adviser as part of your application.

The notification is there to give you greater transparency about who has your information, why they have it and how it may be used.

In most cases, you won’t need to do anything.

Can my information still be shared with lenders?

Yes.

IPP3A does not prevent Finance New Zealand from working with lenders or other relevant parties to arrange finance for you.

When you ask us to help with a finance application, relevant information may still need to be provided to lenders and other parties so they can assess your application, verify information, complete relevant checks or meet their legal and lending requirements.

The main change is about making this process more transparent to you.

Your Finance New Zealand adviser will continue to explain what information is required and work with you throughout the application process.

Will I receive more emails?

Not necessarily.

If you’re an existing Finance New Zealand client and aren’t currently applying for new lending or making changes to your existing finance, you’re unlikely to notice much difference.

You may come across the new requirements when you are:

• applying for new lending
• refinancing existing lending
• changing or restructuring your current finance
• purchasing another asset or business
• undertaking another finance transaction where personal information needs to be collected or shared.

In these situations, you may receive a privacy notification from Finance New Zealand, a lender or another party involved in your application.

This doesn’t necessarily mean you’ll receive a large number of additional emails. Privacy information can be provided in different ways and, where you have already been appropriately informed, another notification may not always be required.

Most importantly, your Finance New Zealand adviser will continue to work alongside you throughout the process and make you aware of any relevant privacy requirements or notifications as your application progresses.

What information might a privacy notification include?

Where IPP3A applies, you may be given information explaining:

• that your personal information has been collected
• why it has been collected
• who it may be shared with
• which organisation is holding the information
• any law specifically requiring or allowing the collection, where applicable
• your rights to access the information held about you and ask for it to be corrected.

This information may be included within application documentation, a privacy statement, an email or a separate notification.

What has Finance New Zealand done?

Finance New Zealand has reviewed how personal information moves through our finance application process and what the new IPP3A requirements mean for our clients and advisers.

Our focus has been on making sure the process remains as straightforward as possible for you while meeting the updated privacy requirements.

This includes:

• Reviewing our privacy information and client communications to make sure they clearly explain how your personal information may be collected, used and shared.
• Reviewing where personal information may be received from another source during the finance process.
• Updating privacy notices, application forms and processes where required so clients can be appropriately informed.
• Reviewing how information moves between Finance New Zealand and lenders as part of a finance application.
• Making sure clients continue to have information about their rights to access or correct personal information held about them.
• Working with lenders and other parties involved in finance applications to understand how their own IPP3A processes operate.
• Making sure Finance New Zealand advisers understand the changes so they can help clients navigate any new requirements as part of the normal finance process.

For our clients, the aim is to keep things simple.

Your Finance New Zealand adviser remains your main point of contact and will help you understand anything that affects your application.

Could IPP3A affect my own business?

Possibly.

The new requirements aren’t specific to Finance New Zealand or the finance industry.

If your business receives personal information about someone from another person or organisation, IPP3A may also apply to you.

It may be worth considering:

• Do people know what personal information you collect and why?
• Do they know who you may share it with?
• Does your business receive personal information about people from third parties?
• Is your privacy information up to date?
• Is the information you hold secure?
• Do people know how to access or correct information you hold about them?

The Office of the Privacy Commissioner has published guidance to help New Zealand businesses understand when IPP3A applies.

The key takeaway

For Finance New Zealand clients, the way we help you arrange finance isn’t fundamentally changing.

You may notice some additional privacy wording or notifications when applying for new finance or making changes to your existing lending, particularly where personal information is being received from another source.

The purpose of the change is greater transparency — helping you understand who has your personal information, where it has come from and why it is being used.

And, as always, your Finance New Zealand adviser is there to guide you through the process, explain what information is required and help you understand anything that comes up along the way.

Want to know more?

If you have any questions about how these changes may affect a finance application, talk to your Finance New Zealand adviser.

You can also refer to:

• Finance New Zealand Privacy Policy
• Office of the Privacy Commissioner – IPP3A guidance
• Office of the Privacy Commissioner – Privacy obligations for businesses