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ASIC to publicly quiz banks over lending

The big banks will soon have another round of public hearings to contend with after the corporate regulator flagged plans to grill them over their lending practices.

Australian Securities and Investments Commission chairman James Shipton said on Thursday that the corporate regulator would institute the hearings later this year as part of its response to the financial services royal commission.

ASIC will hold a public consultation as it updates its responsible lending guidance, which has not been updated for almost a decade.

“For the first time as part of this process, we will be holding public hearings to robustly test some of the issues and views that have been raised in submissions,” Mr Shipton said at a CEDA event in Melbourne.

The chief executives of the big four banks already face twice-yearly public questioning by MPs, and all appeared before the royal commission last year.

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