ASIC has published a speech by its Executive Director for Regulation and Supervision giving its 2023 consumer credit regulatory update.

The update sets out:

• ASIC’s priorities within the consumer credit sector focussing on financial hardship, financially vulnerable credit consumers, buy now, pay later services, small amount credit contracts and consumer leases, short-term credit facilities and continuing credit contracts, product design and distribution, and Target market determinations;
• Proposed changes to the Banking Code of Practice: key issues include responsible lending, scams, de-banking, and co-borrowers and guarantors; and
• responses to scams and cyber and operational resilience.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.