Director Hope Suan and senior manager Juvy Suan pleaded guilty as parties to the company’s offending. They were sentenced in the Christchurch District Court to 140 hours and 150 hours of community work respectively.
Louise Unger, executive director for response and enforcement at the Financial Markets Authority (FMA), said lenders providing consumer credit had to meet the applicable registration and licensing requirements.
“These requirements are there to help ensure lenders meet minimum standards and can be held accountable for complying with New Zealand’s consumer credit laws.
“If you need a licence and registration, have them in place before you lend.
“Despite 4J being told in May 2024 that it couldn’t lend without being registered, or being certified by the Commerce Commission, which was the requirement at the time, it carried on for another 18 months.”
Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter – your essential weekly round-up of all the business news you need.