Credit – general conduct obligations
As a credit licensee you must engage in credit activities efficiently, honestly and fairly, maintain organisational competence and manage conflicts of interest.
- maintain your organisation's training and competence.
- have adequate financial resources to engage in credit activities (if you are not also regulated by APRA)
- have an adequate process for appointing and supervising credit representatives
- have in place dispute resolution procedures
- have adequate consumer compensation and insurance arrangements
You are responsible for deciding how to comply with the general conduct obligations.
To help you comply, Regulatory Guide 205 Credit licensing: General conduct obligations
- outlines key compliance concepts that apply to all of the general conduct obligations;
- describes what we look for when we assess compliance with various general conduct obligations; and
- includes questions to help you design and test your measures for complying with the general conduct obligations.
- RG 205 Credit licensing: General conduct obligations
- Responsible lending
- Credit compliance certificates
- Requirements for managing trust accounts for client money
- National Credit Code
- Regulatory index – Credit