Professor Philip Lane:

Those firms are subject to the regulations through the credit servicing firms Acts. I will not say we are ever happy with any firm. They are subject to our regulations and have been through or are going through an authorisation process and will always be subject to follow-up, inspection and supervision. We have regulatory reach over them. We have different strategies for keeping track of how regulated firms are doing. It is partly reactive as problems come up and partly anticipatory through general inspections and so on. However, there is a framework in place to deal with those firms. That said, when the Senator or anyone else receives information, it should be passed to us. We welcome information from all sources such as protected disclosures, public representatives or individuals that can feed us any information. Such information is helpful to us in deciding where to look, how to intervene and so on.