Sunday, June 24, 2018

ASIC’s licence compliance requirements can be complex and for some licence holders vague in the obligations and paperwork required. Managing multiple compliance registers must be integrated into the licensee’s business while not burdening the company with paperwork.

Below we have listed some of the obligation you may face as an Australian Credit Licence holder:

  • Annual Compliance Certificate

    • You will be required to lodge a compliance certificate with ASIC on an annual basis.
  • Disclosure Documentation

    • You will be obligated to provide consumers with certain disclosure documents including a credit guide, quote for providing credit assistance, credit/lease proposal disclosure document and more.
  • Regulatory Liaison with ASIC

    • ASIC can require you to provide it with requested information at any time. ASIC also has broad investigative powers under the NCCP Act.
  • Annual Licensee Review

    • You will need to conduct an annual compliance review of your comapnies documentation, procedures and processes measured against the law, Australian Credit Licence conditions and regulatory obligations
  • ASIC Audits

    • ASIC may require you to conduct a compliance audit using external compliance professionals. It may do this instead of requiring the licensee to enter an enforceable undertaking (EU), or it might require it when granting an Australian Credit Licence.
  • Updating of Compliance Procedures

    • As an Australian Credit Licensees holder you will have numerous ongoing conduct obligations. You will have a written plan in place to demonstrate how they will comply with those obligations. In addition, your compliance procedures must be regularly updated as changes to the law and regulatory environment takes place.


ACL Support

ACL Support offer a range of ongoing compliance solutions to assist ACL holders and their authorised represnetatives manage their responsibilities ensuring compliance with ASIC and industry regulations.

eNewsletter Sign Up

Accredited Broker eNewsletter