A speech by Peter Kell, Deputy Chairman, Australian Securities and Investments Commission to the Mortgage and Finance Association of Australia (MFAA) National Convention, 14 May 2014.
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ASIC’s regulatory focus in credit
ASIC’s areas of regulatory focus in relation to consumer credit are:
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advertising
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responsible lending
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loan fraud
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general licence obligations relating to conflicts of interest, and
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property investment and lending through self-managed superannuation funds (SMSFs).
We believe that regulatory compliance in these areas is central to improving market outcomes and protecting consumers. However, our work in these areas is not just of benefit to consumers – it also helps compliant market participants. Businesses that do the right thing by their clients, and the industry, need to be confident that the actions of unscrupulous operators don’t place them at a competitive disadvantage or undermine the broader public trust in the industry.