ASIC–ACCC debt collection publications launch
A speech by Professor Berna Collier, ASIC Commissioner, to the Australian Institute of Credit Management National Conference, Gold Coast, 14 October 2005 at the launch of the 'Debt collection guideline: for collectors and creditors', and consumer brochure 'Dealing with debt: your rights and responsibilities', 2005.
Together with the ACCC, ASIC is pleased to be able to release this guideline and the associated consumer brochure 'Dealing with debt – your rights and responsibilities1 here at this conference, especially as so many members of the debt collection industry are able to be present.
I would like to start by saying how encouraged ASIC was by the level of constructive engagement that has already been evident from the debt collection industry throughout the process of developing the guideline. ASIC and ACCC undertook extensive stakeholder consultation in developing the guideline, including the issue of two public consultation drafts, and holding a debt collection roundtable.
We did this because we wanted to create a document that is both practical and genuinely useful to the debt collection industry. Having observed the level of industry involvement in the process of drafting the guideline, we now hope that it will be adopted and used throughout the industry.
As Louise Sylvan has already foreshadowed, as well as launching the industry guideline I would like to speak briefly about the consumer brochure, which is a partner to the guideline, and is also being launched today.
I will also provide you with some information about the focus of ASIC's current regulatory activities in relation to the debt collection industry.
But first, I would like to give you a brief overview of ASIC's regulatory role and jurisdiction in relation to debt collection, and our consumer protection role generally.