CCCFA changes: What advisers need to know

The CCCFA is set to undergo a series of changes governing consumer lenders and the directors of those companies.

New rules on borrower suitability and affordability will hit brokers and their clients directly, and are expected to make lenders adopt stricter affordability criteria. 

From October, lenders will be under a more prescriptive regulatory regime, and will be required to place more scrutiny than ever on borrower affordability. 

The regulations will set out an express list of enquiries to establish that a loan is suitable for a borrower.