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, 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.

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.

ACL 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, recently 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, 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 decision…

Responsible Manager Training
ACL - Responsible Manager Workshop

This course provides an overview of the role of Responsible Managers of Australian Credit Licensees. Accordingly, it will assist participants meet "ongoing training requirements" as set out in ASIC Regulatory…

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 licensees make that we have seen, and how to avoid them. Although some of these are specific to the…