Australian Credit Licence (ACL) holders have several ongoing obligations. We can help.
Annual Compliance Certificate
Australian Credit Licensees are required to lodge a compliance certificate with ASIC on an annual basis. We can assist you to complete the compliance certificate.
Drafting Disclosure Documentation
The National Consumer Credit Protection Act 2009 (Cth) imposes obligations on Australian Credit Licensee’s to provide consumers with certain disclosure documents including a credit guide, quote for providing credit assistance, credit/lease proposal disclosure document and more.
We can draft or review this documentation to ensure that it meets the requirements of the legislation.
Regulatory Liaison with ASIC
ASIC can require Australian Credit Licensees to provide it with requested information at any time. Also, ASIC also has broad investigation powers under the National Consumer Credit Protection Act 2009 (Cth). We can prepare the necessary responses and correspond with ASIC on your behalf.
Annual Licensee Review
This is an annual compliance review of the licensee's documentation, procedures and processes measured against the law, Australian Credit Licence conditions and regulatory obligations.
It involves an on-site visit for a review of office policies and procedures, and client files, in light of the Licensee's licence conditions, the National Consumer Credit Protection Act and Regulations, ASIC's regulatory guides and what the industry considers as "best practice".
We provide you with a detailed report, detailing necessary action points, but also acknowledging the licensee's strengths. We also provide template procedures to fill any gaps identified in the licensee's processes.
ASIC Audits
ASIC can require an Australian Credit Licensee 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. We can conduct these audits.
Tailoring and Updating of Compliance Procedures
Australian Credit Licensees have numerous ongoing conduct obligations. Australian Credit licencees must also have a written plan in place to demonstrate how they will comply with those obligations.
We have developed the necessary procedures in accordance with the requirements of section 47 of the National Consumer Credit Protection Act 2009 (Cth) and ASIC’s regulatory guides.
You will need to tailor these procedures to reflect your business activities before they will meet your obligations as an ACL holder. In addition, your compliance procedures must be regularly updated as changes to the law and regulatory environment takes place.
Credit Representative Agreements
As an Australian Credit Licensee, you are liable for the conduct of your credit representatives. We can prepare credit representative agreements for you which clearly outline the authorisations of your credit representatives and provide you with other protections.
Compliance Committee Chair
We can organise, chair and/or participate in Compliance Committee meetings. This may include assisting with agenda items, reporting and developing action tasks.
Tailored Monthly Regulatory Updates (T-RUN)
T-RUN is a service of regulatory updates that are directly relevant to Responsible Managers and Compliance Managers of Australian Financial Services Licensees and Australian Credit Licensees.
Each month, as a subscriber to T-RUN, you receive a personalised electronic update on regulatory developments directly relevant to your AFSL or ACL authorisations and many of the organisations of which you are a member. Because it is tailored most of the content will be directly relevant to your business.
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Training for Responsible Managers of ACL Licensees
We can provide training to responsible managers of Australian Credit Licensees, as well as compliance managers and support staff who need to understand the role of the responsible manager, to assist them to maintain their competency requirements.
We can also provide training to staff generally on the key features of the credit regime and how it impacts upon their day to day activities.
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Free ACL Updates
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