Consumer credit legal and regulatory support

If you’re a credit licensee or an authorised credit representative providing credit services, then you’re aware that you need to meet certain obligations. We offer assistance from legal advice, all the way through to compliance support and training.

We provide legal services including:

  • National Consumer Credit Protection Act 2009, National Credit Code, ASIC Act and other regulatory obligations advice;
  • Preparing, amending, interpreting and advising on authorised credit representative agreements;
  • Developing and advising on corporate governance systems;
  • Designing or providing legal “sign off” on Credit Guides and other disclosure documents;
  • Attendance at compliance committee meetings; and
  • Other business law services.

Australian Credit Licence (ACL) Advice

Do you know if you need an Australian Credit Licence? Generally speaking, if you engage in credit activity, you need an Australian Credit Licence unless an exemption or defence applies.

We can help you in determining whether your proposed business will be caught by the credit licensing regime and, if so, whether you can rely on any of the licensing exemptions.

Please note: We do not offer these services to pay-day lending and consumer leasing businesses.

Australian Credit Licensee Reviews (Audits)

Many Australian Credit Licensees tell ASIC that they will conduct annual external reviews using an external services provider as part of their initial ACL application.  In any case, whether you under scrutiny by ASIC or want to avoid it, having an independent review of your compliance arrangements is a worthwhile exercise.

 

Responsible Lending Webinar

Holley Nethercote Partner, Jesse Vermiglio, ran a complimentary webinar regarding ASIC’s test case against Westpac on Responsible Lending.

Watch webinar

Useful resources

Blog update
Federal Court dismisses ASIC’s test case against Westpac on Responsible Lending

In early August 2019, Justice Perram of the Federal Court dealt ASIC a significant blow by dismissing its case that Westpac had breached responsible lending laws. In some ways, the…

Responsible Manager Training
As a credit licensee, can you sign the Annual Compliance Certificate?

If you are a credit licensee, you must lodge an annual compliance certificate with ASIC within 45 days of your licensing anniversary each year.  Your licensing anniversary is the anniversary…

Blog update
Top 10 Mistakes Credit Licensees are making – and how to prevent them

We have put together a list of the most common mistakes we've seen credit licensees make, and how to avoid them. Although some of these are specific to the credit…