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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