A speech by Michael Saadat, Senior Executive Leader, Australian Securities and Investments Commission to the聽Parliamentary Joint Committee on Corporations and Financial Services inquiry into impairment of customer loans, 23 November 2015
Introduction
Good evening, Chairman. Thank you for this opportunity to address the Committee.
My name is Michael Saadat and I am the Senior Executive Leader for ob体育鈥檚 Deposit Takers, Credit and Insurers team. With me today are the following Senior Executive Leaders:
- Adrian Brown, who leads the Insolvency Practitioners team, and
- Warren Day, who leads the Assessment and Intelligence team.
As the Committee is aware, ob体育 has made a written submission to this inquiry. ob体育鈥檚 role, as relevant to the terms of reference of this inquiry, is in regulating:
- insolvency practitioners, including receivers, under the Corporations Act, and
- lenders under the ob体育 Act and the National Credit Act 鈥� noting that the National Credit Act does not apply to business loans.
In my introductory comments, I want to touch on ob体育鈥檚 role in regulating lenders and receivers and previously mooted reforms in this area.