Bankers’ personal liabilities under CCCFA to remain
Despite saying earlier he would look at the $200,000 fines for individuals and $600,000 for corporate entities, after removing 11 pages of overly prescriptive regulation, he has decided to keep the penalties.
He told Law News that removing the penalty on entities was never on the agenda and he considered axing the personal liability provision but chose to keep it.
“I’ve left it in as a deliberate decision, to be honest,” he says. “We want to make sure that people are still accountable for poor lending decisions.
“I was conscious that if I’m going to loosen things up, I want to make sure we still have good protections in place against bad practices.”
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