Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC to reduce credit surveillance

The corporate watchdog will reduce its surveillance of the credit industry following a $120 million budget cut.

In his opening statement to the Senate Estimates Committee yesterday, ASIC chairman Greg Medcraft said that as a result of the regulator’s funding cuts “some change is inevitable”.

“In particular, our proactive surveillance will substantially reduce across the sectors we regulate, and in some cases stop,” Mr Medcraft said.

“In our deposit takers, credit and insurance team, there will be reduced proactive surveillance," he said.

“As a result, this team will focus on activity by entities that have the greatest market impact at the expense of smaller entities that have smaller customer bases.”

Advertisement
Advertisement

PROMOTED CONTENT


ASIC will rely more on intelligence from misconduct reports and complaints, limiting its risk-based approach to focus on those entities or activities that have the greatest market impact, Mr Medcraft said.

“Where we do find that someone has intentionally broken the law, we will continue to do the best we can to ensure the consequences are severe,” he said.

ASIC to reduce credit surveillance
mortgagebusiness

Latest News

The number of dwellings approved plunged in January but still remained well above last year’s level, according to ABS data. ...

Australians aged 22 and under (Gen Z) are the age group that is most interested in owning a home in future, even though two-fifths believe...

Teachers Mutual Bank Ltd has welcomed new directors to its board and bid farewell to John Kouimanos, who has retired from the board after...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Aggregation group changes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.