ASIC Targets Unlicensed Credit Providers

Under the new national consumer credit laws, individuals or businesses who engage in credit activities are required to hold an Australian credit licence, or be an authorised representative of a credit licence holder. The Australian Securities and Investments Commission's surveillance campaign is aimed at identifying traders who applied for a credit licence, but withdrew their application, or had it refused. In those circumstances, unless the trader is an authorised credit representative, or subsequently obtains a credit licence, they cannot engage in credit activities.

Originally Published: 
01/09/2011