In a fireside discussion at the Australian Banking Association conference, Australian Securities & Investments Commission Chair Sarah Court said ASIC is concerned that some older Australians with significant liquid assets are finding it difficult to access credit, particularly credit cards. She said ASIC is considering minor updates to Regulatory Guide 209 to clarify that responsible lending obligations remain an important consumer protection but are principles based and give lenders more flexibility than some are currently using. Court also used the discussion to restate ASIC's main supervisory and enforcement priorities for banks. These include systemic failures at large financial institutions that cause customer harm, scams and financial fraud, financial hardship, and governance around the use of artificial intelligence. She said ASIC does not accept legacy systems or process weaknesses as an excuse for poor customer outcomes, and added that enforcement actions against banks often relate to basic failures such as hardship handling, fee remediation and promised deposit rates rather than new products or innovation. On scams, she pointed to ASIC's disruption work, including takedown activity against phishing and investment scam websites, the ongoing HSBC Australia court matter, and the coming Scams Prevention Framework, which will require work across banks, digital platforms and other sectors. On regulatory simplification, she said ASIC is working with Australian Prudential Regulation Authority and others to reduce duplicated data and document requests, citing recent changes to the financial accountability regime as an example of that approach. Looking ahead, Court said ASIC will continue to use enforcement where needed while working with industry on implementation issues, including the Scams Prevention Framework and possible clarifications to lending guidance for older borrowers.
Australian Securities & Investments Commission2026-06-18
Australian Securities & Investments Commission flags possible guidance update on older Australians' access to credit
At an Australian Banking Association conference discussion, ASIC Chair Sarah Court said the regulator is considering minor updates to Regulatory Guide 209 to clarify how lenders can apply responsible lending obligations for older Australians seeking credit. She also reiterated ASIC's continuing focus on systemic failures, scams, hardship and AI governance, while pursuing regulatory simplification with APRA and other regulators.