ASIC to 'weed out' rule-breakers with surveillance

by Caroline Dann28 Aug 2012

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were revealed, commissioner Peter Kell said it would centre on those who’d applied for credit licences but had withdrawn or been refused.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.
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  • by Daniel Blaine 28/08/2012 11:35:34 AM

    ASIC is focussed on all the wrong things. Rogues should be eliminated from all areas of business. However while serial bankrupts can repeated rise from the ashes with new companies that will take creditors and consumers funds with no restrictions ASIC will focus on minor operators failing to follow procedures and complete forms. This is the usual mindset of a lefty labour appointee and Kell fits the bill.

  • by Doug 28/08/2012 2:33:15 PM

    ASIC have proven with this industry as with any other they will target the soft targets and fine them for minor infringements such as not displaying comparison rates because this is far easier and dollar productive than getting their hands dirty and tracking down the real criminals.

  • by Broke broker 28/08/2012 4:18:57 PM

    having ASIC and the watchdog for the financial sector is akin to making a drunk the designated driver. What real knowledge and experience do they have and what exactly was the basis behind the licencing system they have now put in place other than the annual renewal fee? Am i a little jaded? absolutely!