ASIC to tackle rogue lenders

While the major banks and large finance companies are not subject to responsible lending requirements until January 2011, ASIC’s Greg Kirk said the regulator would take action where providers were unregistered.

Mr Kirk told the paper that historically people had come up with inventive ways to avoid being regulated and the regulator was determined to put a stop to this.

ASIC is responsible for the rollout of the licensing requirements having been given national oversight of consumer credit earlier this year.

The regulator will have a team of 170 to enforce and monitor the financial services sector and the implementation of the new credit regieme.