This is the first step in the government starting to regulate this sector, the Private Mortgage Non-Coded Loan business, which has filled the void left by the major institutional financiers and funding providers over the last two decades. This involvement could/will interfere and damage businesses who avail themselves of Non-Bank lenders, severely disrupting the alternative financing products and options not made available by the majors. It would be interesting in having the Government provide the list of concerns that has given rise to their "investigation" of this sector. In the early days, there were certainly some scallywags and atrocious behaviour was being practised by private lenders and their respective lawyers, however, in recent years the bulk of this has been cleaned up without Government intervention and the professionalism has improved immensely. With the advent of the Consumer Credit Code, has ensured that the private lending sector remains strictly non-coded loan for business and commercial purposes only and many of the private lending companies and investors already have in place, self-compliance procedures to ensure that they are not exposed to the National Consumer Credit Code trap.
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