On 14 October 2025, the Australian Securities and Investments Commission (ASIC) published a speech by ASIC Commissioner Alan Kirkland outlining its current priorities and enforcement approach in consumer credit.

Core Message

The core message of the Commissioner’s speech was that ASIC’s strategic priority will be to improve consumer outcomes in credit by ensuring responsible lending, effective financial hardship practices, fair treatment by debt management firms, and lawful debt collection. ASIC has said that it is intensifying surveillance and using its full enforcement toolkit where misconduct harms consumers, especially the vulnerable.

Priority focus areas

The speech outlined that ASIC’s priority areas will be the following:

  • Mortgage brokers – ASIC is reviewing brokers’ compliance with the best interests duty and their internal disputes resolution obligations. So far, ASIC has gathered data on brokers’ product recommendation behaviour, loan flows, remuneration, and consumer complaints. In the coming months, ASIC has foreshadowed it will focus on brokers’ complaints handling, and audit and compliance practices.
  • Motor vehicle finance – Earlier this year, ASIC commenced a new surveillance of the motor vehicle sector and is now scrutinizing seven lenders and the conduct of brokers and intermediaries. ASIC is also taking more targeted action in relation to used car finance, with a particular focus on misconduct involving vulnerable consumers. In the coming weeks, ASIC has foreshadowed that it will be publishing some initial insights from this work, with a more detailed report to come later.
  • Financial hardship – ASIC is pursuing enforcement where lenders’ hardship responses cause significant consumer harm. This includes filing its first case against a credit licensee in relation to its approach to assessing hardship applications.
  • Debt management, credit repair, and debt collection – Since 2021, individuals and entities providing these services have been required to hold an Australian credit licence, unless a relevant exemption applies. ASIC is undertaking surveillance to look at how the sector – comprising of around 100 licensees – is complying with its obligations.
  • Avoidance of consumer credit protections – ASIC has announced it is targeting business models designed to circumvent consumer credit protections. Closing those business models that take advantage of perceived legal loopholes is a key enforcement priority.

Conclusion

When taking action, ASIC has made it clear that its concern is with outcomes – not the type of credit, or the type of business involved. If the result of an entity’s conduct in any part of the credit system causes harm to consumers – or harm to their financial futures – ASIC has indicated that it will take an active interest.