FinanceABC News & HeadlinesInvestor fears private credit mass exodus as ASIC cracks whip on lending standards
Australia's private credit sector is under fire from ASIC, which warns poor lending standards are causing the first serious cracks to appear.
ASIC commissioner Simone Constant has fired a shot across the bow of Australian private credit, warning the clock is ticking on poor lending practices.
ASIC commissioner Simone Constant warned a Sydney finance gathering that the private credit sector is showing its first serious stress fractures.
Of 28 funds ASIC reviewed, only four published borrower interest rate information and fewer than half had written credit or default management policies in place.
ASIC set a 2027 deadline for the sector to lift standards, and the collapse of NSW developer Bathla shows the risks of slow action are already materialising.
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