Business · Companies · 7 hrs ago
ASIC says poor disclosure persists in Australia's private credit sector
Australia's corporate regulator, ASIC, says poor disclosure practices persist in private credit despite its efforts to improve the sector.
Private credit is lending outside the banking system and helps finance property development and construction.
ASIC reviewed 24 funds, with a combined $18 billion in assets, between November 2025 and August 2026.
It found investors often lack information about investment risks, fees and conflicts of interest.
This matters because the sector is growing, and trouble at private lenders could affect the wider financial system.
Some lenders have restricted withdrawals as investors sought to get their money back.
This week, ASIC issued stop orders against two Angas Securities funds over concerns about what their disclosure statements told investors.
ASIC says poor disclosure and other problematic practices persist in Australia’s private credit sector.
The regulator reviewed 24 wholesale and retail private credit funds with a combined $18 billion in assets under management.
ASIC said many investors still lack information needed to understand investment risks, fees and conflicts.
The review found that problems identified in ASIC’s first private credit report remain despite regulatory interventions.
ASIC warned that growing stress in the sector could affect the broader financial system.
- Who
- The Australian Securities and Investments Commission (ASIC) and private credit funds.
- What
- ASIC’s second surveillance report found that poor disclosure and other practices persist in the sector.
- When
- The report was released on November 10, 2026. ASIC reviewed funds between November 2025 and August 2026.
- Where
- Australia.
- Why
- ASIC said investors may not receive enough information to understand risks, fees and conflicts in private credit investments.
This story does not have two clearly opposing sides.
ASIC released its first private credit report.
ASIC reviewed 24 wholesale and retail private credit funds and sampled financial advice to retail investors.
ASIC released its second major surveillance report on the sector.
- Funds reviewed
- 24 wholesale and retail private credit funds
- Assets under management
- $18 billion combined
- Review period
- November 2025 to August 2026
- Stop orders
- Six interim stop orders initiated by ASIC
- First report
- Released in November 2025
What people are saying
I am absolutely fed up, at ASIC we are absolutely fed up
We have drawn a line in the sand with a second comprehensive broad and deep surveillance report
Many investors are still not being given the information they need to properly understand the risks, fees and conflicts present in private credit investments