National Consumer Credit Protection

Justmoney's Credit Registration Number is 349751.

There are changes being made to the consumer credit regulations.

The main benefit to consumers will be a more professional finance industry. There will be greater transparency and an onus for all participants to provide credit responsibly. Justmoney welcomes the changes and has registered with ASIC to apply for an Australian credit license in accordance with the introduction of the new regulations.

The changes will start to come into affect from July 1, 2010. Most participants in the consumer finance industry will be affected. This includes mortgage brokers, the banks and other lenders. ASIC will become the national regulator for consumer credit and finance broking, taking over from the states and territories. This means that home loans, personal loans, credit cards, consumer leases, pre-arranged overdrafts and line of credit accounts, among other products and services, will be regulated under Commonwealth legislation and administered by ASIC.

ASIC will continue to make information about the new regulatory framework including the legislation, licensing process, general obligations and the timeframe in which the changes will take effect, available at www.asic.gov.au/credit.

A copy of the National Consumer Credit Protection Act, can be found on the Treasury website at www.treasury.gov.au/consumercredit.