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Cabinet has agreed to make more changes to the Credit Contracts and Consumer Finance Act.

Lenders will be given more leeway over poor disclosure, and directors and senior managers will no longer be personally liable for breaches.

Lenders will need to be licensed with the Financial Markets Authority, which will oversee the sector.

Banking Association Chief Executive, Roger Beaumont, says they support a twin peaks model -- with two key regulators.

He says that's the Reserve Bank for financial or credential matters, and the FMA on conduct.

Beaumont says anything that simplifies and clarifies that monitoring process, is a good thing.