The corporate regulator has issued interim stop orders to prevent any retail investors from pouring money into products promoted by non-bank lender TruePillars, saying its managed investment scheme may not have properly disclosed conflicts of interests or potential risks.

It is the latest intervention from the Australian Securities and Investments Commission in the murky private credit market, which has come under increased scrutiny due to its growing size and exposure to retail investors, who ASIC suspects may not fully understand complex private credit products.