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ASIC to get tough on credit providers.

By: admin|

Credit providers face strict new compliance reviews and applicants for new licences will be subject to rigorous checks. The corporate regulator will step up its enforcement of a new national credit regime to ensure applications are accurate.

After taking over surveillance of the new regime on July 1, the Australian Securities & Investments Commission has issued 11 regulatory guides and nine information sheets to help businesses understand their obligations.

ASIC is now enforcing responsible lending obligations for brokers, non-bank lenders and non-registered finance companies offering home and personal loans, credit cards, leases, overdraft and line-of-credit accounts. More than 14,700 credit businesses have registered with ASIC under the regime and the regulator has issued 132 licences.

More than 400 credit licence applications have been received. Credit providers had until June 30 to register under the laws and they now have until December 31 to apply for a credit licence or face penalties. ASIC plans to police the application of responsible lending obligations to credit-card applications and credit-card limit increases, and will undertake risk-based compliance reviews of credit businesses. It also plans to undertake what he calls verification surveillance to make sure the information in licence applications is accurate and to ensure credit providers are not operating outside the system, either intentionally or inadvertently.

This will certainly see a big change in the way things have been done before and will also see the need for licence holders to ensure they have adequate checks and balances in place to ensure all their authorised representatives are operating within the guidelines as set under the new requirements.

AAMC training organisation has released a hand book, useful templates, online monitoring and control and templates to assist the many licences to manage and control their business models, for the way forward.

RG 206 stipulates the responsible manager of each licence has the responsibility as part of their role to maintain the overall supervision to ensure ASIC’s requirements are met in regards to the training and ongoing supervision of the authorised representatives operating under their licence. To assist licences’ and their responsible managers maintain the required supervision AAMC Training Group has also released a working booklet that sets out clear instructions, along with useful information and templates to make the supervisory role less complicated. Use of the online training management system, combined with the useful continued professional development training will assist all licences’ and their responsible managers in meeting their regulatory obligations.

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