International Law

ASIC guide on unsolicited credit cards

By David Jacobson

ASIC has responded to Westpac Banking Corporation v Australian Securities & Investments Commission by issuing Regulatory Guide 201 Unsolicited credit cards and debit cards.

RG201 discusses ASIC’s views of the exceptions to Section 12DL(1) of the Australian Securities and Investments Commission Act 2001 (ASIC Act) which provides that a person must not send another person a credit card or debit card.

In particular RG201 discusses when a card can be sent to renew or replace, or as a substitute for, the initial card with reference to Westpac v ASIC including when the new card can have expanded functionality.

The Guide also discusses the unsolicited issue of companion cards, the issue of replacement cards for cards that were never used and when it will consider no action letters.

Full post as published by Australian Regulatory Compliance Review on August 22, 2010 (boomark / email).