Brokers Under Increased ASIC Scrutiny

Share on facebook
Share on twitter
Share on linkedin

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

Victoria Lombardo

Victoria Lombardo

Victoria provides support to our compliance and legal teams and assists our clients with the preparation and collation of documentation required for AFS and credit licence applications. She also supports senior staff by providing assistance to clients with the maintenance of their licences through the preparation of compliance policy documents and ongoing compliance support.