Credit

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Home?> Regulatory resources?> Credit

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ASIC's responses to COVID-19

ASIC website resources

See also

20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations: see

  • ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486
  • ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
  • CP 325 Product design and distribution obligations

20-148MR ASIC approves temporary COVID-19 changes to the Banking Code: see?ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2020/602

ASIC Corporations (AFCA Regulatory Requirement) Instrument 2020/0433

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Do I need a credit licence?

RG 203 Do I need a credit licence?

INFO 101 FAQs – does the new credit regime apply?

INFO 105 FAQs – dealing with consumers and credit

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Applying for and varying a credit licence

RG 204 Applying for and varying a credit licence

INFO 103 FAQs – Getting a credit licence

INFO 108 Fees for Australian credit licences and annual compliance certificates

INFO 132 Applying for a credit licence: Details of professional indemnity insurance

INFO 244 Credit licence applications: Providing information for fit and proper people

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Credit licensee obligations

See also

ASIC > Regulatory resources > Credit > Compliance tools

General obligations

See also

ASIC > Regulatory resources > Credit > General conduct obligations

RG 205 Credit licensing: General conduct obligations

RG 206 Credit licensing: Competence and training

RG 207 Credit licensing: Financial requirements

INFO 104 Complying with your credit obligations

INFO 134 Complying with your obligations if both credit licensee and AFS licensee

REP 330 Review of licensed credit assistance providers' monitoring and supervision of credit representatives

Annual compliance certificate

INFO 108 Fees for Australian credit licences and annual compliance certificates

INFO 135 Annual compliance certificates for credit licensees

INFO 138 Credit annual compliance certificate: Statement of personal information template

Other regulatory obligations

RG 210 Compensation and insurance arrangements for credit licensees

INFO 136 Complying with your trust account obligations as a credit licensee

ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 (remade sunsetting [CO 10/1230]: see?20-225MR and CP 331)

RG 165 Licensing: internal and external dispute resolution (applies until 5/10/2021: see 20-171MR)

19-358MR ASIC approves an updated Banking Code of Practice: see ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255

20-148MR ASIC approves temporary COVID-19 changes to the Banking Code: see?ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2020/602

20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations: see

  • ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486
  • ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
  • CP 325 Product design and distribution obligations

CP 310 Review of ePayments Code: Scope of the review

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Responsible lending

See also

ASIC > Regulatory resources > Credit > Responsible lending

NOTE: On 25 September 2020, the Australian Government announced proposed reforms to the responsible lending obligations contained in Ch 3 of the National Credit Act. The proposed reforms will amend the obligations that apply before entry into a credit product or the provision of credit assistance. ASIC’s guidance relating to the current responsible lending obligations will be reviewed and updated when the proposed reforms are finalised.

RG 209 Credit licensing: Responsible lending conduct

REP 643 Response to submissions on CP 309 Update to RG 209: Credit licensing: Responsible lending conduct (see CP 309 and submissions; 19-342MR; and 19-163MR).

INFO 146 Responsible lending disclosure obligations: Overview for credit licensees and representatives

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Advertising and?sales

RG 234 Advertising financial products and services (including credit): Good practice guidance

REP 313 Response to submissions on CP 178 Advertising credit products and credit services

19-335MR ASIC to ban unfair cold call sales of direct life insurance and CCI: see ASIC Corporations (Life Risk Insurance and Consumer Credit Insurance) Instrument 2019/839?and RG 38

REP 640 Response to submissions on CP 317 Unsolicited telephone sales of direct life insurance and consumer credit insurance (see 19-180MR, CP 317 and submissions and REP 622)

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ASIC's powers?

See also

ASIC > Regulatory Resources > Credit > Notices and offences

RG 218 Licensing: Administrative action against persons engaging in credit activities

INFO 109 Credit licensee offences: Prohibited dealings and unlawful authorisations

INFO 9 ASIC decisions: Your rights

ASIC's product intervention power

RG 272 Product intervention power: see 20-139MR

REP 661 Response to submissions on CP 313 Product intervention power (see CP 313 and submissions)

19-250MR ASIC makes product intervention order banning short term lending model to protect consumers from predatory lending: see

CP 324 Product intervention: The sale of add-on financial products through caryard intermediaries: see 19-267MR

CP 330 Using the product intervention power: Continuing credit contracts: see 20-159MR

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Whistleblower policies

RG 270 Whistleblower policies: see 19-308MR and 19-372MR

INFO 238 Whistleblower rights and protections: see 19-164MR

INFO 239 How ASIC handles whistleblower reports: see 19-164MR

INFO 246 Company auditor obligations under the whistleblower protection provisions: see news item

INFO 247 Company officer obligations under the whistleblower protection provisions: see news item

ASIC Corporations (Whistleblower Policies) Instrument 2019/1146

REP 635 Response to submissions on CP 321 Whistleblower policies (see CP 321 and submissions)

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Dispute resolution

RG 165 Licensing: Internal and external dispute resolution (applies until 5/10/2021: see MR 20-171)

REP 665 Response to subissions on CP 311 Internal dispute resolution: Update to RG 165 (see CP 311 and submissions)

The Australian Financial Complaints Authority

RG 267 Oversight of the Australian Financial Complaints Authority

INFO 176 What to do if you are dissatisfied with a decision by the Australian Financial Complaints Authority

ASIC Credit (AFCA transition) Instrument 2018/448

ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814

ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002

19-145MR ASIC approves AFCA Rules change for legacy complaints

ASIC Corporations (AFCA Regulatory Requirement) Instrument 2020/0433

External dispute resolution before AFCA

RG 139 Approval and oversight of external dispute resolution schemes

REP 308 Response to submissions on CP 172 Review of EDR jurisdiction (debt recovery legal proceedings)

Internal dispute resolution

RG 165?Licensing: Internal and external dispute resolution (applies?before 5/10/2021: see MR 20-171)

RG 271 Internal dispute resolution (applies after 5/10/2021: see MR 20-171) - see also RG 267 and ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98

REP 665 Response to submissions on CP 311 Internal dispute resolution: Update to RG 165 (see CP 311 and submissions)

REP 603 The consumer journey through the Internal Dispute Resolution process of financial service providers

ASIC Corporations and Credit (Internal Dispute Resolution – Transitional) Instrument 2019/965

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Information on specific credit products

Credit cards

RG 201 Unsolicited credit cards and debit cards

REP 580 Credit card lending in Australia

REP 590 Response to submissions on CP 303 Credit cards: Responsible lending assessments

REP 604 Credit card lending in Australia—An update

ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753

Residential (Home) loans

20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations: see ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487

RG 273 Mortgage brokers: Best interests duty: see 20-146MR

REP 662 Response to submissions on CP 327 on mortgage brokers and the best interests duty: see CP 327 and submissions and 20-040MR

REP 628 Looking for a mortgage: Consumer experiences and expectations in getting a home loan

REP 516 Review of mortgage broker remuneration

REP 445 Review of interest-only home loans

REP 410 Review of 'low doc' home lending following the introduction of the responsible lending obligations

REP 300 Review of early termination fees for residential loans entered into before 1 July 2011

REP 271 Response to submissions on CP 165 Credit assistance for home loans

REP 262 Review of credit assistance providers' responsible lending conduct focusing on 'low doc' home loans

RG 220 Early termination fees for residential loans: Unconscionable fees and unfair contract terms

REP 216 Response to submissions on CP 135 Morgage exit fees: Unconscionable fees and unfair contract terms

Reverse mortgages

INFO 185 Using ASIC's reverse mortgage calculator

REP 586 Review of reverse mortgage lending in Australia

ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200

Small amount lending and consumer leases

REP 451 Book up in Indigenous communities in Australia: A national overview

REP 447 Cost of consumer leases for household goods

REP 426 Payday lenders and the new small amount lending provisions

REP 264 Review of micro lenders' responsible lending conduct and disclosure obligations

ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200

Small business lending

INFO 207 Disputes about commercial loans

INFO 211 Unfair contract term protections for small businesses

REP 565 Unfair contract terms and small business loans

Short term lending

19-250MR ASIC makes product intervention order banning short term lending model to protect consumers from predatory lending: see

Funeral financing

INFO 243 ASIC provides information on funeral expenses reform: see MR 20-076

Continuing credit contracts

CP 330 Using the product intervention power: Continuing credit contracts: see 20-159MR

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ASIC Relief

Applying for relief

Relief applications now lodged through the?ASIC Regulatory Portal

See

Home > About ASIC > Dealing with ASIC > Apply for relief > Changes to how you apply for relief

RG 51 Applications for relief

RG 208 How ASIC charges fees for credit relief applications

INFO 82 Apply for relief

REP 664 Overview of decisions on relief applications (October 2019 to March 2020): see 20-144MR

Existing exemptions

ASIC Credit (Financial Counselling Agencies) Instrument 2017/793

ASIC Credit (Flexible Credit Cost Arrangements) Instrument 2017/780

ASIC Credit (Litigation Funding––Exclusion) Instrument 2020/37

ASIC Credit (Charities) Instrument 2017/64

ASIC Credit (Concept Validation Licensing Exemption) Instrument 2016/1176

Credit relief

See also ASIC > Regulatory resources > Credit > Relief

Class Order [CO 14/41] Extension of transitional credit hardship provisions

Carried over instruments

INFO 110 Lenders with carried over instruments

ASIC Credit (Notice Requirements for Unlicensed Carried Over Instrument Lenders) Instrument 2020/834 (remade sunsetting CO 10/381: see 20-225MR and CP 331)

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Transition and historical

RG 202 Credit registration and transition

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Last updated: 18/01/2021 11:24
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