Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC prepares for new entrants

The prospect of non-traditional players such as Google entering financial services has prompted ASIC to reassess its regulatory toolkit.

 Appearing before a Parliamentary Joint Committee public hearing in Canberra on Friday, ASIC deputy chairman Peter Kell was asked about his recent comments on retailers getting into the financial services space.

Liberal MP David Coleman asked Mr Kell why ASIC would need different regulatory tools to cover retailers.

“I think those comments were in the context of what some of the bigger picture structural changes are,” Mr Kell said.

Changes to the shape of the industry will be explored further by the Financial System Inquiry (FSI), he added.

Advertisement
Advertisement

“I was not suggesting that ASIC was pushing for some change to the laws as they might relate to the provision of insurance by a Coles or a Woolworths right at this point in time,” Mr Kell said.

Instead, he pointed to “some of the changes that are potentially coming down the track” might involve “significant new entrants that are non-traditional financial players coming into the market – whether it is a Coles or a Woolworths or a Google or whatever”.

“In the context of considering the longer term of our financial regulation, it is a matter of whether that should require any modification to the current set-up,” he said.

It is also important to consider whether ASIC has the “right sort of settings in place and whether we have the flexibility in our toolkit to deal with that”, Mr Kell said.

“The members of [the FSI] have publicly flagged that changes in technology and new entrants are going to be part of the set of issues they will look at.”

PROMOTED CONTENT


ASIC prepares for new entrants
mortgagebusiness

Latest News

True Savings, a new online brokerage headed by former CBA executive Pete Steel, has entered the Australian mortgage market. ...

Pre-registrations have opened for Citi’s upcoming buy now, pay later offering, Spot., which will launch in October. ...

New Zealand’s central bank is primed to further tighten mortgage lending standards, following concerns with a rise in high-LVR and high-DT...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

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