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Jessica Darnbrough & Vivienne Kelly
While many brokers still consider the National Consumer Credit Protection Act (NCCP) to be “onerous”, ASIC believes it has helped change the industry for the better.
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Speaking to The Adviser, ASIC commissioner Peter Kell said the NCCP had definitely helped to ‘clean up the industry’ and helped to rid it of any bad apples.
“The legislation, and our ability to enforce it, is certainly helping to improve conditions in the industry,” he said.
“The GFC itself has had an impact, but combined with the legislation, we are seeing an industry that, according to some analysts, is one that contains less fraud.
“From ASIC’s perspective, we have and will continue to take a tough stance on fraud and other dishonest conduct. We have knocked back nine industry participants from obtaining their credit licence as we want to make sure that everyone who plays in this industry are up to scratch.”
