ASIC has unveiled a three-month surveillance campaign to ‘weed out’ unlicensed credit operators.
While no specific surveillance techniques were revealed, commissioner Peter Kell said it would centre on those who’d applied for credit licences but had withdrawn or been refused.
The campaign will run from September to December 2012.
“By applying for a licence, they indicated an intention to engage in credit activities. Unless the trader is an authorised credit representative, or subsequently obtains an Australian credit licence, they cannot engage in credit activities,” Mr Kell said.
ASIC began monitoring rejected applicants last year. The new campaign signifies a shift towards enforcement.
“That program was aimed at making sure industry players were aware of their new obligations. This year is about us taking enforcement action if we identify unlicensed activity,’ he said.