Mixed Reactions to CCCFA Changes; Personal Liability Eased

The recent Consumer Credit Contracts and Finance Act (CCCFA) reforms have sparked varying opinions. FinCap expressed disappointment over the removal of personal liability for directors and senior managers in cases of irresponsible lending, believing this will reduce accountability. However, specialist lenders, such as the Financial Services Federation, support the changes, stating that the $200,000 fines have discouraged good leadership in smaller firms. The reforms also introduce new licensing requirements for lenders under the Financial Markets Authority (FMA), which some view as a positive step toward preventing irresponsible lending. While these changes aim to balance consumer protection with easing lending regulations, many agree that "the devil will be in the detail."

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com