In response, ASIC has issued a series of recommendations aimed at enhancing consumer protections. These include implementing better training and accreditation processes for intermediaries, establishing robust product review mechanisms, improving communication regarding financial hardship arrangements, and strengthening governance frameworks to ensure effective oversight of finance distribution channels.
ASIC Commissioner Alan Kirkland emphasized the importance of these measures, stating that lenders must elevate their standards to safeguard consumers from poor financial outcomes. He also indicated that ASIC is prepared to take enforcement action where necessary to protect consumer interests.
Detailed findings from this review are expected to be released in 2026, providing further insights into the steps lenders have taken to address these concerns and improve practices within the car finance industry.
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