ARTICLE · 28 SEPTEMBER 2020

Responsible lending obligations (RLOs) to be scrapped!

Holley Nethercote

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The Government has announced major reforms to the National Consumer Credit regime including the scrapping of RLOs.

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Jesse Vermiglio

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The Government has this morning announced major reforms to the National Consumer Credit regime including the scrapping of Responsible Lending Obligations (RLOs). Below is short summary of the key proposals from the Treasurer's media release and fact sheet:

RLOs to be scrapped as "no longer fit for purpose" except for pay-day loans and consumer leases – ASIC's RG 209 gets special mention as a contributor to the prescriptive obligations
APRA prudential standards on loan origination to continue to apply to ADIs
Appropriately adopted prudential standards to apply to non-ADI lenders – ASIC to administer
Mortgage brokers will no longer be subject to RLOs but will need to comply with best interest duty obligation which commences on 1 January 2020

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