The Australian Securities and Investments Commission (ASIC) will conduct a review of the debt management and credit repair sector, seeking to understand the varying business models in the sector in operation and how they comply with the law, according to a Tuesday statement.
The regulator is concerned that some licensees may be failing to engage in credit activities "efficiently, honestly and fairly," its commissioner, Alan Kirkland said.
It will look into instances where debt management firms may have failed consumers by not meeting the terms of their debt management agreement, charged high fees for no or limited services, or not communicated adequately with clients.
Around a 100 licensees are part of the sector, the regulator added. It will publish the findings from the review in a public report in 2026.
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