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.
Related links
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Information Sheet 135 Annual compliance certificates for credit licensees (±õ±·¹ó°¿Ìý135)
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Information Sheet 136 Complying with your trust account obligations as a credit licensee (±õ±·¹ó°¿Ìý136)