ASIC to employ 200 extra people to run consumer credit regime
The Australian Securities and Investments Commission (ASIC) will create 200 full-time positions to fulfil its obligations in administering the new National Consumer Credit Regime.
ASIC chairman Tony D’Aloisio said the new employees, to be stationed throughout Australia, would be subsidised by $66 million in additional funding received from the Federal Government.
D’Aloisio was talking at a joint press conference alongside the Minister For Superannuation and Corporate Law, Nick Sherry, following Sherry’s release of the National Consumer Credit Protection Bill on Monday.
"We have been given resources for the implementation and oversight of the licensing regime and we anticipate hiring an additional 200 full-time employees over this next period.
“Overall, that will be, I guess, a net contribution to employment,” he said.
The additional staffing complement was also "related to us getting additional responsibilities, such as in the area of responsible lending".
D’Aloisio estimated that 10,000 entities would be registered for the Australian Credit Licence (ACL), with around 3,000 new licences to be issued, including around 2,000 to current Australian Financial Services Licence holders.
AUTHOR
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.
