Aggregated News From Investment Management Regulators

ASIC publishes expectations of retail lenders when loan repayment deferrals end


Please complete the required fields.

Today ASIC has published expectations of lenders to assist them to deliver appropriate and fair outcomes to consumers whose six-month loan repayment deferrals will expire in the  coming months. These add to ASIC’s earlier expectations published on 29 April 2020.

Importantly, ASIC’s expectations include how lenders should approach consumers who cannot resume repayments on their mortgages. If a consumer identifies that they cannot resume full repayments on their mortgage, ASIC expects lenders to make reasonable efforts to gather personalised information about the consumer’s circumstances. We consider that taking such steps will allow lenders to make a decision about the consumer’s loan in a fair and appropriate manner, including better enabling lenders to offer assistance that genuinely meets the needs of each consumer.

ASIC is also working closely with APRA to ensure that our expectations of Authorised Deposit-taking Institutions (ADIs) and how they are handling loans impacted by COVID-19 are aligned. APRA has issued a consultation letter regarding ADI capital measures and reporting requirements for loans impacted by COVID-19, and an update to its FAQs.

ASIC continues to encourage all lenders to work closely with consumers affected by COVID-19 to develop solutions that not only provide relief but are sustainable and assist consumers over the longer-term.

Source link

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

Directive for the beneficial ownership register of express trusts and similar legal arrangements

See the Press Release published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link


Attention! The FMA warns investors against concluding transactions with: RichmondSuper (Link to external page. Opens in new window.) [email protected] [email protected] [email protected] [email protected] [email protected] (Link to external page. Opens in new window.) This provider...

Hardson Becker Global

Attention! The FMA warns investors against concluding transactions with: Hardson Becker Global with its registered address apparently in Hangzhou, China This provider is not authorised to carry...

“Let’s talk about money” – money laundering: how illegal assets are given a legal appearance

In the latest edition of its consumer information series, “Let’s talk about money” the Austrian Financial Market Authority (FMA) explains about the term money...

Chair Powell will host town hall with educators August 2, 2021 at 4 p.m. EDT

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.

Get the latest from Regulatory.News in your inbox!