A new version of the Responsible Lending Code (RLC) took effect on 31 July 2024 as part of the changes resulting from the Credit Contracts and Consumer Finance Amendment Regulations (No. 2) 2024. This guidance note is essential for anyone lending or providing regulated financial advice to retail clients under the Credit Contracts and Consumer Finance Act 2003 (CCCFA).
It covers:
The repeal of the CCCFA affordability regulations.
- Key updates to the RLC.
- Practical steps for compliance.
- Document updates and advice processes.
- How to meet CPD and compliance requirements.