Australian Securities and Investments Commission representatives had to reassure lenders, aggregators and brokers at yesterday's credit roadshow that ASIC's takeover of consumer credit regulation would not involve any forced structural change to the consumer finance industry.Clearly suspicious of ASIC and its intentions, industry participants at the meeting asked ASIC executives whether the new licensing rules would mandate certain relationships with other licence holders or require the development of new business models.ASIC senior executive leader of the credit taskforce, Greg Kirk, said the legislation did not stipulate the business model. Kirk said: "It is open-ended and very flexible. There is no prescription in terms of how you structure your business. For example, the use of authorised representatives can be done in a number of different ways."ASIC is running the roadshow to help prepare the industry for the new regime. From April 1 until June 30 people or organisations in the consumer credit market will have to apply for registration and then from July 1 they can apply for an Australian credit licence.The licensing process will be completed by June 30 next year when the new system will be fully operational.Speakers at yesterday's event revealed that there are still a few loose ends. Despite having given up their coverage of consumer credit when the National Consumer Credit Protection Act was passed last October, the states still have the right to set caps on interest rates.No one can say whether some niche areas of consumer finance, such as finance to pay insurance premiums, will be in or out until final regulations are drafted.There are some oddities. Debt collectors who buy credit portfolios will have to be licensed but debt collectors who collect on commission will not.Kirk said phase two of the reform was under way, with the government consulting on whether areas such as point of sale lending, reverse mortgages and small business lending should be covered by the Act.