91AV

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.

You must:

  • maintain your organisation's training and competence (see Regulatory Guide 206 Credit licensing: Competence and training (¸é³ÒÌý206))
  • have adequate financial resources to engage in credit activities, if you are not also regulated by the Australian Prudential Regulation Authority (APRA) (see Regulatory Guide 207 Credit licensing: Financial requirements (¸é³ÒÌý207))
  • have an adequate process for appointing and supervising credit representatives
  • have in place dispute resolution procedures
  • have adequate consumer compensation and insurance arrangements (see Regulatory Guide 210 Compensation and insurance arrangements for credit licensees (¸é³ÒÌý210)).

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 (¸é³ÒÌý205):

  • 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
  • includes questions to help you design and test your measures for complying with the general conduct obligations.

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Last updated: 20/10/2014 12:00