ASIC’s six-monthly enforcement report for the period between 1 January 2014 and 30 June 2014 includes compliance action specifically related to consumer credit protection.

Areas of action included:

• Loan fraud: ASIC took action for dishonest or fraudulent conduct more commonly in relation to credit assistance providers (brokers) rather than lenders.
• Unconscionable conduct in credit especially in relation to consumers in remote areas.
• Misleading credit advertising.
• Unlicensed credit representatives.
• Payday lending (which includes loans for small amounts taken over short periods of time).