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To help solve an industry-wide problem, the LIXI community has been active and has collaboratively proposed a set of standard categories for collecting a consumers declared living expenses. For those LIXI members who have not yet assessed whether the most recent proposals meet your requirements, time is running out. Please take the time to review the latest updates available on our website here (made on February 15th) and provide feedback as requested.

Benchmarks Remain a Useful Tool

ASIC has published a consultation paper on 14th February 2019 in which they outline proposals for updating the guidance they provided in the Regulatory Guide on Credit Licensing: Responsible Lending Conduct (RG 209) back in 2014.

Of particular interest to the LIXI community, the recent consultation paper (CP 309), seeks to clarify earlier guidance on the use of benchmarks. Key ideas in the paper are that:

  • a benchmark can be a useful tool to help determine whether information provided by the consumer is plausible
  • a benchmark figure does not provide any positive confirmation of income and expenses
  • any benchmark figure should be a realistic figure with a reasonable buffer applied.

Impact of CP 309 on Living Expense Categorisation

Given the latest proposed guidance from ASIC, and from feedback from our licensees, it is clear that the requirement to compare a customers declared expenses with the HEM benchmark will remain for many participants. As such LIXI will continue our consultation process, and proceed to incorporate the proposed categories into the LIXI Data Standards.

In a previous blog in November 2018, I described how to get involved. That process is continuing, but time is now running out for our members to have their say. Don't miss out!


Thanks to those of you that have contributed requirements or spent the time to add your thoughts to the conversation. Without you, the critical role that LIXI plays in facilitating collaboration to solve industry-wide problems would not be possible. If you haven't yet done so, please take the time to review the latest proposal and provide feedback if required.

Kind regards
Shane Rigby
2019 LIXI Limited, All rights reserved.

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