ASIC plans to go undercover
By
Andrea Cornish
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3/09/2010 6:00:00 AM
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2
comments
ASIC will undertake 'verification surveillances' to ensure the information in licence applications is accurate, according to a report in The Australian.
ASIC chairman Tony D’Aloisio is expected to tell an American Chamber of Commerce lunch in Melbourne today what the organisation plans on doing to enforce its new national credit regulations.
"Going forward, our focus is on smoothly transitioning the industry to the new credit regime and ensuring our oversight of the industry is effective," he told The Australian.
Part of this process will be the surveillance aspect, which aims to ensure credit providers are not operating outside the system consciously or by accident.
The watchdog will be policing credit card applications and credit card limit increases, as well as making risk-based compliance reviews of credit businesses.
Since the introduction of Financial Services Reform, the financial planning industry has faced a number of rounds of 'shadow shops' from the regulator to ensure compliance of the industry.
Latest Comments
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Robert Kaya on
03 Sep 2010 09:52 AM
I personally wouldn''t fear the way ASIC is to operate.Those who have anything to hide are the ones who really should worry..
Positive Broker on
04 Sep 2010 08:47 AM
Hear hear Robert. Anyone who is doing the right thing doesn''t need to worry about ASIC. Licencing is here to stay and in the end it will lead to a cleaner more professional industry.