Nationwide Surveillance Activities Under National Consumer Credit Scheme

ASIC has begun its first nationwide surveillance activity to detect unregistered businesses and people under the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (National Credit Transitional Act).

Between now and late 2010, ASIC will be in the field, across Australia, to detect businesses or people engaging in credit activities who are not registered with ASIC.

As of 1 July this year, it has been an offence to engage in credit activities (e.g. acting as a lender, or as a credit broker) if not registered with ASIC.

ASIC’s primary focus of this surveillance activity is to ensure firms and people engaging in credit activities are registered and apply for a licence to meet the requirements of the National Credit Transitional Act.

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