Brokers Under Increased ASIC Scrutiny

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Brokers Under Increased ASIC ScrutinyThe industry is under higher levels of scrutiny by the Australian Securities & Investments Commission (ASIC), according to one financial services consultancy firm.

In a recent blog post, Sophie Gerber, director of legal and compliance at Sophie Grace, touched on the regulator’s recent review on interest-only loans and how this has affected Australian credit licence holders.

“We are seeing an increased level of scrutiny during the ACL licensing process. This includes additional rounds of questions from ASIC and requests for more detailed information, including about the applicant’s serviceability assessment tool and the applicant’s justification for the net income and interest rate buffers.”

Read More on Australian Broker or in PDF on our Media Page.

About The Author

Quynh Truong

Quynh was Sophie Grace’s first employee and managed various aspects of the business over many years. These days, Quynh works mostly for her family business but stays present in our company by providing notary services and helping out when she has the time. Quynh is a Public Notary and provides notary services to clients. Quynh also assists with various licensing and compliance aspects of the business when time permits.

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