It’s rare to hear an industry welcome moves by a regulator to impose more oversight on its activities. Rarer still is to hear a key industry player say these new rules do not go far enough.
So the largely calm response to the Australian Securities and Investments Commission’s (ASIC's) warning shot to the private credit sector has been revealing.
As Capital Brief reported this morning, financial associations have cautiously endorsed the watchdog’s plans for greater scrutiny and transparency of private markets. And on Wednesday, after those plans were made public, some of the industry’s biggest players echoed these sentiments.
Metrics Group chief executive Andrew Lockhart said he “strongly supports” more consistent standards in the sector, while Qualitas managing director Andrew Schwartz described ASIC’s report as “encouraging” and Challenger’s Victor Rodriguez said it shows a “strong understanding” of the sector.
