ASIC has claimed success as it has completed the initial licensing of the credit industry, and has warned it will take a tough stance on unlicensed activity.

The industry regulator has now licensed 6,081 businesses under the NCCP, and has registered 24,005 credit reps. ASIC Commissioner Peter Boxall said the licensing process has resulted in several notable outcomes, including the formal refusal of four licence applications, additional conditions imposed upon 11 licenses and 400 applications being declined due to being incomplete or inadequate.

Since the onset of ASIC's activities under NCCP, the regulator said it had received nearly 2,500 complaints in relation to credit matters, and launched 105 investigations. It also touted permanent bans handed to three individuals, the issue of an infringement notice to a Sydney broker and the cancellation or suspension of five credit registrations or licenses.

Boxall said the regulator would take a "less forgiving approach" to any unlicensed conduct as the licensing regime matures, and said ASIC would continue its surveillance program. Boxall stated that ASIC surveillance would focus on activities by individuals who registered to provide credit services, but have not been licensed.