ASIC has published a speech by its Executive Director for Regulation and Supervision giving its 2023 consumer credit regulatory update.
The update sets out:
- ASIC’s priorities within the consumer credit sector focussing on financial hardship, financially vulnerable credit consumers, buy now, pay later services, small amount credit contracts and consumer leases, short-term credit facilities and continuing credit contracts, product design and distribution, and Target market determinations;
- Proposed changes to the Banking Code of Practice: key issues include responsible lending, scams, de-banking, and co-borrowers and guarantors; and
- responses to scams and cyber and operational resilience.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
