ASIC is on the hunt for evidence of predatory lending fostered by mortgage brokers, with the regulator gathering data at this stage.
“We continue to be interested in the conduct of brokers” ASIC commissioner Alan Kirkland told the Australian Finance Industry Association Risk Summit in Surfers Paradise on Tuesday, in s speech with a focus on lender misconduct.
“We are currently engaging with several large mortgage aggregators to gather data on patterns of lending involving brokers, which may inform further action by ASIC” Kirkland said.
ASIC’s enforcement action to date against brokers over the five years to 2024 has involved:
• the cancellation of 22 credit licences and one licence suspension
• the banning of 14 people from engaging in credit activities, and
• criminal sentences being imposed on eleven individuals or companies.