CCCFA enquiry inches forward

A final version is scheduled for mid-April. 

The inquiry was acceded to by the Minister of Commerce and Consumer Affairs David Clark, less than two months after the law came into effect.   
 
This followed a storm of protest that legislation which was supposed to target predatory lenders ended up treating practically everyone as a vulnerable borrower, and sometimes cut short their borrowing expectations.  
 
In addition, mountains of expensive paperwork were imposed on advisers.   
   
In announcing the inquiry, Clark at first said there would be no terms of reference. Then, the scale of the investigation grew, and terms of reference were announced after all.

These included looking at the intended and unintended consequences of the law, and considering the impact of external factors like the global economic situation.

The inquiry is under the auspices of the Council of Financial Regulators (COFR), which is a composite body made up of Treasury, MBIE, the Financial Markets Authority, Commerce Commission and the Reserve Bank. 
   
MBIE  is the organising body for the council and has been carrying out most of the research. 
    
So far the team has met bankers and their representatives, the Financial Services Federation, representing small lenders, and Financial Advice New Zealand, representing advisers.