Search: ASIC

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RBA Glossary definition for ASIC

ASIC – Australian Securities and Investments Commission. One of three Australian Government bodies (the others being the Australian Prudential Regulation Authority and the Reserve Bank of Australia) that regulates financial services. ASIC is the national regulator of Australia's companies. ASIC has responsibility for market protection and consumer integrity issues across the financial system.

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References

8 Oct 2018 RDP 2018-11
Mary-Alice Doyle
ASIC (Australian Securities and Investments Commission) (2015), ‘Senate Standing Committee on Economics Inquiry into Matters Relating to Credit Card Interest Rates: Submission by the Australian Securities and Investments Commission’, Submission
https://www.rba.gov.au/publications/rdp/2018/2018-11/references.html

Consumer Credit Card Choice: Costs, Benefits and Behavioural Biases

1 Oct 2018 RDP 2018-11
Mary-Alice Doyle
Behavioural biases have been discussed as a potential explanation for at least part of these high costs (Ausubel 1991; ASIC 2015, 2018; Australian Treasury 2016). ... expired, suggesting some may have fallen into a ‘debt trap’ (ASIC 2018).
https://www.rba.gov.au/publications/rdp/2018/2018-11/full.html

Literature

8 Oct 2018 RDP 2018-11
Mary-Alice Doyle
expired, suggesting some may have fallen into a ‘debt trap’ (ASIC 2018).
https://www.rba.gov.au/publications/rdp/2018/2018-11/literature.html

Distribution of Monetary Costs and Benefits

8 Oct 2018 RDP 2018-11
Mary-Alice Doyle
28 ASIC (2018) estimated that consumers carrying balances on higher-rate cards could save an average of roughly $340 if they held a lower-rate card (that is, ASIC estimate that ... My estimated potential savings for interest payers is close to, but
https://www.rba.gov.au/publications/rdp/2018/2018-11/distribution-of-monetary-costs-and-benefits.html

Introduction

8 Oct 2018 RDP 2018-11
Mary-Alice Doyle
Behavioural biases have been discussed as a potential explanation for at least part of these high costs (Ausubel 1991; ASIC 2015, 2018; Australian Treasury 2016).
https://www.rba.gov.au/publications/rdp/2018/2018-11/introduction.html

Evidence of Behavioural Biases?

8 Oct 2018 RDP 2018-11
Mary-Alice Doyle
At face value, my results also appear inconsistent with ASIC's (2018) finding that a substantial share of consumers are worse off after responding to balance transfer deals. ... Shui and Ausubel (2005) consider offers of discounted interest rates only,
https://www.rba.gov.au/publications/rdp/2018/2018-11/evidence-of-behavioural-biases.html