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ASIC wants power to ban products

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Australian Broker | 13 Mar 2015, 08:27 AM Agree 0
ASIC is asking for more powers to police banks, and wants to intervene on products it thinks could hurt consumers
  • AF | 13 Mar 2015, 09:31 AM Agree 0
    The scary thing is ASIC doesn't even have a proper handle on bank products. They surely have enough power to prosecute any breaches. This little Hitler approach is becoming too prevalent in Australia lately.
  • GC | 13 Mar 2015, 10:01 AM Agree 0
    This is going too far. ASIC don't lend the money -the banks do and its the banks who take the risk not the consumers. If ASIC want to control the banks, they can fund the money to be lent out. Stay out of it ASIC - you have absolutely no idea. The unintended consequences could be more harmful.
  • David | 13 Mar 2015, 10:02 AM Agree 0
    I agree with AF - let them look after breaches (and there's enough of them it appears) and not TELL LENDERS what products they can / can't have - this is becoming a nanny state - surely there are more important things to spend tax pays money on !
  • Gary | 13 Mar 2015, 10:02 AM Agree 0
    ASIC doesn't fully understand Lending products. To give them this power would be crazy.
  • Really? | 13 Mar 2015, 10:40 AM Agree 0
    Same group who when licensing came out, had staff who said they had never heard of 'low doc' or of 'non-resident lending'.
  • Jake | 13 Mar 2015, 11:13 AM Agree 0
    More useless regulations. Aren't there better things they could do with their time?
  • Antbroker | 13 Mar 2015, 11:39 AM Agree 0
    Like having the Police tell the community what cars they can drive!!
  • QEDRisk | 13 Mar 2015, 12:06 PM Agree 0
    This is absolutely ridiculous. Why does ASIC constantly feel the need to legislate specific issues when it ALREADY has the powers to control the issue in existing legislation.

    They already don't have enough resources to do their existing job properly - why would they want to create more work for themselves??
  • Paul Sheedy | 13 Mar 2015, 12:57 PM Agree 0
    Hmm.... Haven't they heard of responsible lending laws? If a lender, a staff member or a broker breaches these requirements, they already face sanction. Why would ASIC want to be involved in product design & specification? You can't even get ASIC to answer the phone (try it!!!), let alone tell the finance industry what type of loan you can have or can't have.
  • A. Sic | 13 Mar 2015, 01:29 PM Agree 0
    I totally support this iniative.
  • Broker | 13 Mar 2015, 01:52 PM Agree 0
    Further demonstrating that ASIC are clowns.
  • Peter | 13 Mar 2015, 08:17 PM Agree 0
    ASIC needs to hire some people who understand banking and lending before their powers arte extended to cover products. There a huge number of retired ex bankers and brokers out there who would jump at the chance to stay in the industry (would suit the govt's vision of everyone working longer). ASIC would then at least understand what they are talking about and work on the existing issues before looking for new ones. APRA should adopt the policy as well as some of their recent statements indicate they don't have a clue either.
  • marty | 16 Mar 2015, 09:54 AM Agree 0
    Wake up they are not talking about lending products as we use them they are talking about derivatives like contracts for difference and hybrid instruments sold to consumers as safe when not.
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