Yesterday ASIC released a statement that it has taken Bank of Queensland to task over its loan assessment practices. ASIC was concerned that BoQ was using the Henderson Poverty Index as a benchmark for assessing the living expense needs of consumer borrowers, rather than determining their actual living expenses.
With NCCP in full swing, the release of ASIC Report 262 in November 2011 and the revision of RG209 in November 2014, it has become clearer to the industry that ASIC expects credit industry participants to conduct proper analysis of its clients and not rely on lenders to do the leg work on the maths.
CompliFast clients have been expected to use their own serviceability calculators since 2011 to meet the actual NCCP requirements.
If you have any questions about serviceability, responsible lending, other credit licence obligations or just compliance in general call us on 1300 817 662