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The 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.

Quynh Truong

Quynh Truong works with Sophie Grace Pty Ltd with a focus on compliance. Quynh specialises in obtaining ACL and AFSL applications and variations for clients as well as providing ongoing compliance support in the form of compliance program implementation and reviews. Prior to joining Sophie Grace Pty Ltd, Quynh worked as a solicitor in the areas of compliance, banking and finance, debt recovery and commercial litigation. Quynh has a Bachelor of Medical Science from the University of New South Wales, a Master of Law and Legal Practice from the University of Technology, Sydney and a Graduate Diploma in Corporate, Securities and Finance Law at the University of Sydney. She has been admitted as a solicitor in NSW.