ASIC says it's 'fed up' with private credit sector's seeming indifference to cleaning up its act

Summary

It is not for lack of trying, but ASIC is furious with the private credit sector's seeming indifference to the regulator's attempt to crack down on poor lending practices. The corporate cop's anger is understandable too. Private credit has issued hundreds of billions of dollars of funds, and its lending practices fuel property development and construction. Private credit refers to lending outside the banking sector. Central to ASIC's concerns is the opaque nature of the sector's finances. It means investors remain in the dark on the risks of private credit investments. "I am absolutely fed…

Description from ABC News (Australia).