ASIC’s 2018 Credit Focus

29 November 2017

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Getting ready for 2018 and wondering where ASIC will focus its attention in the credit space?

Obsequium Consulting recently attended the ASIC Quarterly Credit Liaison meeting in Perth and identified the following key takeaways for 2018:

  • ASIC is scheduled to conduct a Shadow Shop on Mortgage Brokers and subsequently report on the findings in 2018.
  • ASIC is scheduled to review and update RG 209 Credit Licensing: Responsible Lending Conduct in 2018, with a view to better define what good practice looks likes for both lenders and brokers.
  •  The update of RG 209 will also include a focus on providing guidance on accurately and realistically recording customers’ expenses for both lenders and brokers.
  • As part of it’s new Cost Recovery Program, over the next 12 months, ASIC will release guidance to all licencees regarding how the new levies will apply.

If you would like to discuss how we can assist you in meeting your NCCP obligations, please get in touch with Julia on 0401 193 473 or Eloise on 0404 133 979.

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