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On 14 February 2019, the Australian Securities and Investments Commission (ASIC) announced that it is reviewing its guidance on responsible lending conduct, Regulatory Guide 209 Credit licensing: Responsible lending conduct (RG 209).
While a review of RG209 has been on the cards for some time, the release of Consultation Paper 309 is timely in light of the Royal Commission into the Misconduct in the Banking, Superannuation and Financial Services Industry’s Final Report (RC Final Report), the ACCC’s Residential Mortgage Products Price Inquiry and the (albeit delayed) launch of Open Banking.
ASIC has released Consultation Paper 309: Update to RG 209 (Consultation Paper) seeking feedback from stakeholders on the proposed updates by 20 May 2019.