ob体育 will hold public hearings in Sydney on the 12th of August and Melbourne on the 19th of August.
The hearings are part of the wider public consultation on ob体育鈥檚 guidance on the responsible lending obligations. It will allow ob体育 to test particular issues raised in submissions. More information about the consultation, including the current Regulatory Guide 209 and stakeholder submissions are available on ob体育鈥檚 website.
The hearings will be conducted by Commissioner Sean Hughes and Deputy Chair Karen Chester with Commissioner Danielle Press also in attendance.
ob体育 has contacted the parties who are invited to appear. ob体育鈥檚 website will be updated with a list of participants the day before each of the hearings.
The hearings are open for the public to attend and audio from the proceedings will be live streamed via ob体育鈥檚 website at asic.gov.au/responsible-lending-hearings. A transcript of proceedings will be made available on ob体育鈥檚 website following the hearings.
Media who wish to attend the hearings are encouraged to contact ob体育鈥檚 media unit in advance on 1300 208 215 or [email protected].
Hearing details
Location: Sydney
Date: 12 August 2019
Time: 9am for 9.15am start
Address: Wesley Conference Centre, 220 Pitt Street Sydney
Location: Melbourne
Date: 19 August 2019
Time: 9am for 9.15am start
Address: Stamford Plaza Hotel, 111 Little Collins Street, Melbourne
Background
Regulatory Guide 209 Credit licensing: Responsible lending conduct (RG 209) contains ob体育鈥檚 guidance on responsible lending for consumer credit. RG 209 was issued in 2010 and last revised in November 2014.
Since then there have been many matters that now mean it is timely for ob体育 to update its guidance, including:
- ob体育 regulatory and enforcement actions, including court decisions
- ob体育 thematic reviews on various parts of the industry such as interest-only loans
- the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
- recent and upcoming initiatives such as comprehensive credit reporting and open banking, and
- changes in technology
In February 2019, ob体育 released a Consultation Paper on updating its guidance. Our review of RG 209 will consider whether the guidance remains effective and identify changes and additions to the guidance that may help holders of an Australian credit licence to understand ob体育鈥檚 expectations for complying with the responsible lending obligations. CP 309 contains a number of proposals for changes to be considered during this update. Written submissions were due on 20 May 2019.