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Industry Benefits – Credit Reform

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Industry Benefits – Credit Reform

Oct 14, 2009

How the proposed consumer credit laws will benefit the industry

  1. Reduce duplication, red tape and compliance costs as eight sets of regulation are replaced with one national scheme
  • Cut up to 2,500 pages of inconsistent laws down to one comprehensive national regime
  • Introduce a regulatory regime that allows innovation, and promotes increased consumer and market confidence
  • Create a level playing field across the credit industry by requiring all industry participants to meet required conduct obligations and standards
  • Establish two clear groups of credit participants — credit providers such as banks and credit unions, and credit service providers, such as credit and mortgage brokers
  • Create appropriate sets of obligations on credit providers and credit service providers matched to the current level of regulation of both groups
  • Enhance industry standards through one national market subject to obligations and requirements by one national law enforced by a national regulator — ASIC
  • Raise industry standards by establishing minimum requirements such as responsible lending conduct, and disclosure considerations in providing credit services
  • Reduce costs to business of responding to enforcement action through the use of a broader set of consumer remedies and enhanced ASIC enforcement powers
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