Evil Anna opposes responsible lending

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And I thought “Evil” Anna Bligh had disappeared. But no, via Banking Day:

The banking industry is opposed to key parts of ASIC’s proposed overhaul of its guidance on responsible lending conduct, criticising it as a move away from principles-based regulation to a more prescriptive approach, and claiming it will disadvantage small financial institutions and new entrants that won’t be able to pay for the technology upgrades required.

ASIC says: “We have observed since the start of the responsible lending regime instances where licensees have failed to take sufficient steps in order to comply with their obligations.”

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.