It's growing at breakneck speed and has been dogged by accusations of poor business practices - now the corporate regulator warns the private credit sector could be the source of Australia's next financial market collapse.

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Private credit - non-bank lenders that provide loans directly to businesses outside of public markets - has been warned to lift its standards or face more stringent regulation by the outgoing chair of the Australian Securities and Investments Commission, Joe Longo.

As he released a roadmap detailing how the watchdog plans to boost investment in the nation's public and private markets, Mr Longo said ASIC has already witness

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