• 
• MPA Online

ASIC has issued a report on the relief it has both granted and denied credit industry participants under the NCCP.

The report, which outlines relief industry bodies have sought from the regulator, details instances in which NCCP relief and extensions were granted and circumstances in which the watchdog denied relief. ASIC stated that it published the report to "improve the level of transparency ... about decisions ASIC makes".

Among several other instances, the report reveals ASIC took a no-action stance on a company which improperly authorised credit reps. The company in question authorised as credit representatives its directors and franchise employees who did not hold membership in an EDR scheme. According to ASIC, the breach was inadvertant, and ASIC chose to take no action after the company rectified the breach.

The regulator also took a no-action position for an NCCP breach by an company which acquired another entity, failing to realise the entity took part in credit activities. ASIC said the company, upon being identified of the breach, registered with an EDR scheme, applied for an ACL and ceased taking part in credit activities until the ACL was issued.

However, ASIC has revealed instances wherein it also refused relief requests from companies. In one instance, the regulator refused licensing relief for a solar power provider which assisted clients in obtaining credit from a third party finance company.

Related stories:

Round 2, as ASIC launches surveillance

ASIC now 'proactive' and on the prowl

Vic broker dealt lifetime ASIC ban

Your comment