ASIC: 37 years to tackle whole industry

by Caroline Dann13 Sep 2012

ASIC has revealed it would take a full 37 years to conduct thorough surveillance of the entire credit industry.

Releasing the findings as part of a new 'transparency' campaign, the numbers are based on the current speed and volume of ASIC enforcement activity.

An ASIC spokesperson told Australian Broker Online the number of staff dedicated to individual campaigns would "change depending on the scope of the surveillance."
Currently, it lists 64 staff as being dedicated to the surveillance of credit providers, including brokers.
The ASIC spokesperson added that any additional manpower was a matter for the government.
"In terms of the resources of ASIC, that is a matter for government. Our job, within the resources that we have been given, is to leverage those resources to the maximum possible and make sure that they are appropriately prioritised, and that is what ASIC looks to achieve," he told Australian Broker Online.
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  • by Lyn Turner 13/09/2012 2:24:58 PM

    ASIC needn't worry. With all the small amount, short term lenders being forced to close beginning 1 March into 1 July next year, thanks to Bill Shorten's Consumer Credit Enhancements legislation, there will be plenty of officers with nothing to do except watch the bikie gangs take over.