The new lending legislation seems like it will be a net positive for the banks.

As part of the CCCFA reforms the Financial Markets Authority is set to become a one-stop regulatory shop, looking after licences to ensure consumers are taken care of. 

Banking Association CEO Roger Beaumont told Mike Hosking that while there will likely be minimal impact for customers, there will be definite improvements on the bank’s side. 

He said that one of the key changes is that the “draconian” personal liability legislation for managers and banks will be removed. 

Beaumont says the devil is in the detail, of which there hasn’t been much yet, but anything that simplifies and clarifies monitoring in the sector is a good thing. 

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