ASIC regulates our small loans industry
The following graphic shows diagramatically where our Members sit in the Australian credit industry landscape. As the graphic shows, our Members are regulated by the National Consumer Credit Protection Act (2009) which also regulates the Australian banking industry. The Australian Securities and Investment Commission, known as ASIC, tightly control and regulate the small loans industry.
Just like the banks, our Members are also reguired to hold ASIC issued credit licenses to be auhtorised to provide Consumer Credit. But unlike the banks, our Members are further subject to extra legilsation and regulations under the NCCP Act which means that our Members have to do more research on a consumer who wishes to borrow $100than the banks have to do on any larger personal loan or property loan.