Fit and Proper Person certification under Credit Contracts and Consumer Finance Act 2003
This page was updated2 months ago
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.
The Commission has been mandated, under 131E of the CCCF Act, to issue ‘fit and proper’ certification.
On 20 February 2020, we released a consultation paper seeking public opinion on these recent amendments in specific relation to:
‘Fit and Proper’ assessment criteria (Section 131F) – the information required by the Commission to assist in its determination of ‘fit and proper’
Change in circumstances (Section 131R) – the requirement of a certified person to notify the Commission about any prescribed changes in circumstance that may affect their ‘fit and proper’ certification.
Read more information on the Fit and Proper Person certification here.
This view shows the latest stage in the project. Click on the circled dates to see details.
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Note: these dates are indicative only and are subject to change.