The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has used the occasion of World Consumer Day to remind Australians about the commencement of the new National Consumer Credit regime.
The National Consumer Credit regime will commence on 1 July 2010 with the registration process beginning on 1 April 2010.
"The Council of Australian Governments (COAG) has pursued an important microeconomic reform that will see the effective referral of consumer credit powers from the states and territories to the Commonwealth," Mr Bowen said.
"The new credit regulator, the Australian Securities and Investments Commission (ASIC), has been provided with additional resources of $66 million over four years by the Rudd Government with which to train and prepare for the regulation of consumer credit.
"ASIC has pro-actively engaged with industry, the consumer movement and the general public to incorporate feedback in the development of regulatory guides and to communicate and prepare industry for these historic changes."
ASIC commenced a national roadshow introducing the regime to industry and explaining the registration and licensing processes in February. This has involved over 40 presentations across all of the capital cities and 24 regional centres. The presentation are also available as a downloadable podcast.
ASIC has established systems that will allow both the registration and licensing requirements to be conducted completely online, with provision for paper-based applications where necessary.
The Government has begun to release final sets of regulations as part of the National Consumer Credit Protection Reform package that will continue through March and April 2010.
An announcement will be made shortly with respect to the timetable and priorities of the Phase Two credit reforms and how the community can get involved.
For updates and further information on the new consumer credit regime, consumers can go to www.treasury.gov.au/consumercredit or www.asic.gov.au/credit.
15 March 2010