Industry Benefits – Credit Reform

Name: Certificate IV (FNS40821) – Workshop Perth, Adelaide, Darwin (SEPT)
Start: 2024-09-23
End: 2024-09-25
Location: Perth

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Industry Benefits – Credit Reform

Oct 14, 2009

How the proposed consumer credit laws will benefit the industry

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