14 July 2022 - ASIC makes product intervention orders for short term credit and continuing credit contracts

ASIC has made product intervention orders by way of legislative instruments imposing conditions on the issuing of short term credit and continuing credit contracts to retail clients.

ASIC Commissioner Sean Hughes said ‘ASIC identified significant detriment and harm especially to vulnerable consumers. ASIC has again exercised its powers to prevent borrowers being charged excessive fees to obtain these products.