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Credit compliance

As a credit licensee, you must lodge an annual compliance certificate with us and pay an annual fee.
Tools for small credit businesses and finance brokers when preparing or updating a compliance plan.
Your general conduct obligations include:
  • engaging in credit activities efficiently, honestly, fairly
  • maintaining organisational competence and training
  • managing conflicts of interest
You must maintain your organisation’s competence to engage in the credit activities, including having adequately trained representatives and responsible managers
You must have adequate financial resources and risk management systems.
You must ascertain and verify a consumer’s financial situation, and assess whether the credit contract is not unsuitable.
You must have in place internal dispute resolution procedures and membership of one or more ASIC-approved external dispute resolution schemes.
If you are a credit licensee (and not also regulated by APRA) you must have adequate arrangements in place for compensating consumers.
If you are a credit licensee or credit representative, your obligations to provide a credit guide, a credit proposal disclosure document, and/or a quote for credit assistance to a consumer do not commence until 2 October 2011 if certain conditions are met.
Your obligations when holding money received on behalf of another person while providing a credit service.
Your obligations if you are not offering any new credit contracts, but continue to have pre-existing contracts (carried over instruments) after 1 July 2010.

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