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 (see Regulatory Guide?206 Credit licensing: Competence and training (RG?206))
- 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 (RG?207))
- 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 (RG?210)).
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 (RG?205):
- 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.
Information Sheet?135 Annual compliance certificates for credit licensees (INFO?135)
Information Sheet?136 Complying with your trust account obligations as a credit licensee (INFO?136)