Eight years after it took over regulation of consumer credit, the Australian Securities and Investments Commission last week announced it had discovered some people have problems handling credit cards. That tells you more about ASIC than credit cards.
Having finally stumbled over what everyone with a vague interest in consumer finance already knew, our dopiest regulator is proposing a raft of radical changes that could upend a large part of capitalism as we know it.
If ASICs responsible lending rules are used as precedents for responsible dealings in general and at the sharper end of business in particular, major industries would be massively blunted.
The watchpuppy with a little pressure from a Senate inquiry and a government that is no l…
Read the full article at: https://thenewdaily.com.au/money/finance-news/2018/07/09/asic-credit-cards/