Brokers Under Increased ASIC Scrutiny

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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.

About The Author

Quynh Truong

Quynh works across both Sophie Grace Pty Ltd and Sophie Grace Legal Pty Ltd with a particular focus on compliance and legal services. She manages the licensing and compliance aspects of the business. She is responsible for AFSL and ACL applications, variations and assists the compliance team in the implementation of compliance reviews. She provides ongoing compliance support and assists with the preparation of legal advice, commercial agreements and disclosure documents.

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