Summary:
- The Australian Securities and Investments Commission (ASIC) is closely monitoring the non-bank lending sector as more customers seek property loans outside of traditional banks.
- The non-bank sector, which includes mortgage brokers and fintech companies, has experienced significant growth in recent years as customers look for alternative lending options.
- ASIC is concerned about the potential risks associated with the non-bank lending sector, such as the lack of regulation and the potential for predatory lending practices.