The Australian Securities and Investments Commission had admonished consumer credit providers it will be scrutinising their history carefully before it grants them a licence to operate.

ASIC disclosed that over 14,800 consumer credit registrations had been accepted prior to its taking over of the regulation of consumer credit from the states yesterday.

ASIC is now in charge of managing mortgages, credit cards and payday lenders. The registered lenders have until December 31 to register as providers of consumer credit.

ASIC said yesterday it would implement ''a significantly higher level of scrutiny'' to aspirants, their key office holders and senior managers before they were granted licences.

The investigation would ''include a close examination of any previous complaints history''.

ASIC warned credit providers that had failed to apply for formal licences to operate before the June 30 deadline might now be functioning unlawfully.