ASIC has released proposals for modifying the training requirements for credit representatives who provide credit assistance to consumers on home loans.
The proposals address some recent industry concern about the training requirements. ASIC believes the proposals strike an appropriate balance between the interests of confident and informed financial consumers and the regulatory obligations of market participants.
‘Home loans are the largest loan most consumers will take on, and poorly informed assistance leading to poor decisions about mortgages could potentially jeopardise ownership of the family home,’ ASIC commissioner, Peter Boxall, said.
For further information about the changes, please see the ASIC website.