Credit

The regulatory index is a subject matter index that will help you find ASIC regulatory documents and legislative instruments by topic.

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Do I need a credit licence?

RG 203 Do I need a credit licence?

INFO 101 FAQs – does the new credit regime apply?

INFO 105 FAQs – dealing with consumers and credit

INFO 254 Debt management services: Applying for a credit licence or variation (PDF 363 KB) (see 21-094MR)

Applying for and varying a credit licence

RG 204 Applying for and varying a credit licence

INFO 103 FAQs – Getting a credit licence

INFO 108 Fees for Australian credit licences and annual compliance certificates

INFO 132 Applying for a credit licence: Details of professional indemnity insurance

INFO 244 Credit licence applications: Providing information for fit and proper people

INFO 254 Debt management services: Applying for a credit licence or variation (PDF 363 KB) (see 21-094MR)

Background

Home > Regulatory resources > Find a document > Reports > Licensing and professional registration applications

Credit licensee obligations

This section contains:

Background

ASIC > Regulatory resources > Credit > Compliance tools

General obligations

RG 205 Credit licensing: General conduct obligations

RG 206 Credit licensing: Competence and training

RG 207 Credit licensing: Financial requirements

INFO 104 Complying with your credit obligations

INFO 134 Complying with your obligations if both credit licensee and AFS licensee

REP 330 Review of licensed credit assistance providers' monitoring and supervision of credit representatives

Background

ASIC > Regulatory resources > Credit > General conduct obligations

Annual compliance certificate

INFO 108 Fees for Australian credit licences and annual compliance certificates

INFO 135 Annual compliance certificates for credit licensees

INFO 138 Credit annual compliance certificate: Statement of personal information template

Reference checking and information sharing

INFO 257 ASIC reference checking and information sharing protocol (see 21-180MR)

ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) Instrument 2021/429

REP 694 Response to submissions on CP 333 Implementing the Royal Commission recommendations: Reference checking and information sharing 

Example references for a financial adviser and mortgage broker

Related information

22-175MR ASIC helps credit providers protect victims of family violence

Background

RG 104 AFS licensing: Meeting your general obligations

RG 205 Credit licensing: General conduct obligations

INFO 126 Credit representatives

INFO 134 Complying with your obligations if both credit licensee and AFS licensee

INFO 229 Limited AFS licensees: Complying with your licensing obligations

Reportable situations (formerly 'Breach reporting')

Effective 1 October 2021, AFS and Australian credit licensees will be required to submit reportable situations to ASIC via the approved form available in the ASIC Regulatory Portal.

Background

Breach reporting reforms

23-106MR ASIC releases updated guidance for licensees on reportable situations

  • RG 78 Breach reporting by AFS licensees and credit licensees (commences 1 October 2021)

22-214MR ASIC’s approach to breach reporting: implementation of reportable situations regime (10 August 2022)

22-295MR Breach reporting: ASIC publishes insights from the reportable situations regime (27 October 2022)

  • REP 740 Insights from the reportable situations regime: October 2021 to June 2022

21-235MR ASIC publishes guidance on breach reporting (7 September 2021)

Related information

ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716

REP 775 Insights from the reportable situations regime: July 2022 to June 2023 (see 23-288MR)

ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541

ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716

ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801 

ASIC Credit (Mandatory Credit Reporting—Auditor Appointment) Instrument 2021/829

REP 594 Review of selected financial services groups’ compliance with the breach reporting obligation

REP 740 Insights from the reportable situations regime: October 2021 to June 2022 (see 22-295MR)

Other regulatory obligations

RG 96 Debt collection guideline: For collectors and creditors

RG 210 Compensation and insurance arrangements for credit licensees

INFO 210 Unfair contract term protections for consumers (see 20-248MR)

INFO 211 Unfair contract term protections for small businesses (see 20-248MR)

INFO 136 Complying with your trust account obligations as a credit licensee

ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 (remade sunsetting [CO 10/1230]: see 20-225MR and CP 331)

RG 165 Licensing: internal and external dispute resolution (applies until 5/10/2021: see 20-171MR)

RG 271 Internal dispute resolution (applies after 5/10/2021: see 20-171MR) - see also RG 267 and ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98

Related information

Regulatory index topic: Financial services - Dispute resolution

19-358MR ASIC approves an updated Banking Code of Practice: see ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255

20-148MR ASIC approves temporary COVID-19 changes to the Banking Code: see ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2020/602

20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations: see

  • ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486
  • ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
  • CP 325 Product design and distribution obligations

22-125MR ASIC releases updated ePayments Code: see

  • CP 310 Review of ePayments Code: Scope of the review
  • CP 341 Review of the ePayments Code: Further consultation (see 21-108MR)
  • REP 718 Response to submissions on CP 341 Review of the ePayments Code: Further consultation 

22-175MR ASIC helps credit providers protect victims of family violence: see No-action letter – Notifying joint account holders (family violence) (PDF 187 KB)

ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541

Responsible lending

Background

ASIC > Regulatory resources > Credit > Responsible lending

NOTE: On 25 September 2020, the Australian Government announced proposed reforms to the responsible lending obligations contained in Ch 3 of the National Credit Act. The proposed reforms will amend the obligations that apply before entry into a credit product or the provision of credit assistance. ASIC’s guidance relating to the current responsible lending obligations will be reviewed and updated when the proposed reforms are finalised.

RG 209 Credit licensing: Responsible lending conduct

REP 643 Response to submissions on CP 309 Update to RG 209: Credit licensing: Responsible lending conduct (see CP 309 and submissions; 19-342MR; and 19-163MR).

INFO 146 Responsible lending disclosure obligations: Overview for credit licensees and representatives

Advertising and sales

RG 234 Advertising financial products and services (including credit): Good practice guidance

REP 313 Response to submissions on CP 178 Advertising credit products and credit services

19-335MR ASIC to ban unfair cold call sales of direct life insurance and CCI: see ASIC Corporations (Life Risk Insurance and Consumer Credit Insurance) Instrument 2019/839 and RG 38

REP 640 Response to submissions on CP 317 Unsolicited telephone sales of direct life insurance and consumer credit insurance (see 19-180MR, CP 317 and submissions and REP 622)

ASIC's powers 

This section contains:

Overview

RG 218 Licensing: Administrative action against persons engaging in credit activities

RG 263 Financial Services and Credit Panel (see 22-206MR)

INFO 109 Credit licensee offences: Prohibited dealings and unlawful authorisations

INFO 9 ASIC decisions: Your rights

INFO 250 Giving AFS and credit licensees information about their representatives (see news item)

INFO 273 FSCP decisions: Your rights (see 22-206MR)

Related information

ASIC > Regulatory Resources > Credit > Notices and offences

Home > Regulatory resources > Financial services > Financial advice > Financial Services and Credit Panel (FSCP)

ASIC's product intervention power

RG 272 Product intervention power: see 20-139MR

REP 661 Response to submissions on CP 313 Product intervention power 

Related information

22-182MR ASIC makes product intervention orders for short term credit and continuing credit contracts (see Short term lending below)

CP 324 Product intervention: The sale of add-on financial products through caryard intermediaries: see 19-267MR and 20-179MR

Product design and distribution obligations

REP 754 Target market determinations for small amount credit contracts (see 22-352MR)

Related information

Regulatory index topic: Financial services - Financial products

Whistleblower policies

RG 270 Whistleblower policies (see 19-308MR and 19-372MR)

INFO 238 Whistleblower rights and protections (see 19-164MR)

INFO 239 How ASIC handles whistleblower reports (see 19-164MR)

INFO 246 Company auditor obligations under the whistleblower protection provisions (see News item 30/6/2020)

INFO 247 Company officer obligations under the whistleblower protection provisions (see News item 20/6/2020)

ASIC Corporations (Whistleblower Policies) Instrument 2019/1146

REP 635 Response to submissions on CP 321 Whistleblower policies (see CP 321 and submissions)

Dispute resolution

INFO 207 Disputes about commercial loans

Related information

Regulatory index topic: Financial services - Ongoing licensee obligations - Dispute resolution

Information on specific credit products

This section contains:

Add-on insurance products

Related information 

Regulatory index topic: Financial services: Financial products

Book up

INFO 129 National credit laws and book up: What you need to know

Buy now pay later

REP 672 Buy now pay later: An industry update (see 20-280MR)

Continuing credit contracts

ASIC Corporations (Product Intervention Order—Continuing Credit Contracts) Instrument 2022/648 (see 22-182MR)

CP 371 Product intervention orders: Short term credit facilities and continuing credit contracts (see 23-214MR)

Background

20-159MR ASIC consults on second product intervention order to stop continuing consumer harm

20-274MR ASIC seeks further feedback on the proposed intervention order for continuing credit contracts

21-341MR ASIC seeks feedback on proposed intervention orders for short term credit and continuing credit contracts

Consumer credit insurance

ASIC Corporations (Notification of Authorised Representatives) Instrument 2022/301 (see 22-146MR)

ASIC Corporations (Financial Services Guides) Instrument 2022/910 (see 22-327MR)

Credit cards

RG 201 Unsolicited credit cards and debit cards

REP 580 Credit card lending in Australia

REP 590 Response to submissions on CP 303 Credit cards: Responsible lending assessments

REP 604 Credit card lending in Australia—An update

ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753

Debt management services

INFO 254 Debt management services: Applying for a credit licence or variation (see 21-094MR)

Exchange-traded instalment warrants

ASIC Corporations (Margin Lending Relief for Exchange-Traded Instalment Warrants) Instrument 2021/194

Funeral financing

INFO 243 ASIC provides information on funeral expenses reform: see MR 20-076

Marketplace (peer-to-peer) lending

INFO 213 Marketplace lending (peer-to-peer lending) products 

Residential (Home) loans

20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations: see ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487

RG 273 Mortgage brokers: Best interests duty: see 20-146MR

REP 662 Response to submissions on CP 327 on mortgage brokers and the best interests duty: see CP 327 and submissions and 20-040MR

REP 628 Looking for a mortgage: Consumer experiences and expectations in getting a home loan

REP 516 Review of mortgage broker remuneration

REP 445 Review of interest-only home loans

REP 410 Review of 'low doc' home lending following the introduction of the responsible lending obligations

REP 300 Review of early termination fees for residential loans entered into before 1 July 2011

REP 271 Response to submissions on CP 165 Credit assistance for home loans

REP 262 Review of credit assistance providers' responsible lending conduct focusing on 'low doc' home loans

RG 220 Early termination fees for residential loans: Unconscionable fees and unfair contract terms

REP 216 Response to submissions on CP 135 Mortgage exit fees: Unconscionable fees and unfair contract terms

Reverse mortgages

INFO 185 Using ASIC's reverse mortgage calculator

REP 586 Review of reverse mortgage lending in Australia

ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200

Short term lending

ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2022/647 (see 22-182MR)

CP 371 Product intervention orders: Short term credit facilities and continuing credit contracts (see 23-214MR)

Background

19-177MR ASIC consults on proposal to intervene to stop consumer harm in short term credit

19-250MR ASIC makes product intervention order banning short term lending model to protect consumers from predatory lending

20-159MR ASIC consults on second product intervention order to stop continuing consumer harm

20-274MR ASIC seeks further feedback on the proposed intervention order for continuing credit contracts

21-341MR ASIC seeks feedback on proposed intervention orders for short term credit and continuing credit contracts

Small amount lending and consumer leases

REP 754 Target market determinations for small amount credit contracts (see 22-352MR)

REP 451 Book up in Indigenous communities in Australia: A national overview

REP 447 Cost of consumer leases for household goods

REP 426 Payday lenders and the new small amount lending provisions

REP 264 Review of micro lenders' responsible lending conduct and disclosure obligations

ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200

Small business lending

INFO 207 Disputes about commercial loans

INFO 211 Unfair contract term protections for small businesses

REP 565 Unfair contract terms and small business loans

ASIC Relief

This section contains:

Applying for relief

Relief applications now lodged through the ASIC Regulatory Portal

Related information

Home > About ASIC > Dealing with ASIC > Apply for relief > Changes to how you apply for relief

RG 51 Applications for relief

RG 208 How ASIC charges fees for credit relief applications

INFO 82 Apply for relief

REP 664 Overview of decisions on relief applications (October 2019 to March 2020): see 20-144MR

Background

Home > Regulatory resources > Find a document > Reports > Reports on relief applications

Exemptions and relief

Class Order [CO 14/41] Extension of transitional credit hardship provisions (see 21-339MR and 22-031MR)

ASIC Credit (Financial Counselling Agencies) Instrument 2017/793

ASIC Credit (Flexible Credit Cost Arrangements) Instrument 2017/780

ASIC Credit (Litigation Funding––Exclusion) Instrument 2020/37

ASIC Credit (Charities) Instrument 2017/64

ASIC Credit (Concept Validation Licensing Exemption) Instrument 2016/1176

ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 (see News Item 5/9/2023 and News Item 10/10/2023)

ASIC Corporations (Redraw Facility Transfer) Instrument 2022/599

Background

ASIC > Regulatory resources > Credit > Relief

Carried over instruments

INFO 110 Lenders with carried over instruments

ASIC Credit (Notice Requirements for Unlicensed Carried Over Instrument Lenders) Instrument 2020/834 (remade sunsetting CO 10/381 and CO 10/1230: see 20-170MR; 20-225MR; and CP 331 and submissions)

ASIC enforcement outcomes

Related information

Home > About ASIC > ASIC investigations and enforcement > ASIC enforcement outcomes

Transition and historical

RG 202 Credit registration and transition

Last updated: 19/01/2024 02:28