We have developed Self-reporting Guidance for Lenders to help lenders understand the process to follow when reporting potential breaches of the Credit Contracts and Consumer Finance Act 2003 and/or Fair Trading Act 1986 and the consideration that will be given to the self-report by the Commission.
The Commerce Act 1986 (Act) currently exempts certain conduct in relation to intellectual property from being assessed as anti-competitive and in breach of the Act.
The Credit Contracts and Consumer Finance Act 2003 (CCCF Act) has been amended. From April 2021 (delayed until October 2021 due to COVID-19) all directors and senior managers of lenders providing consumer credit contracts or acting as mobile traders are to be certified ‘fit and proper’ unless exempt.