Experts in Credit Services Law
Australian organisations engaging in credit activities must apply for and obtain an Australian Credit License (ACL) from the Australian Securities & Investments Commission (ASIC) and show that they comply and maintain compliance with credit laws and regulations. Our team of credit law and regulation specialists provide a variety of related credit services to support and assist organisations fulfil their credit obligations.
Why do you need our credit advice?
If you provide credit services to retail customers in Australia, you are a regulated entity by ASIC and must comply with the National Consumer Credit Protection Act 2009 (Cth) and ASIC’s Regulatory Guides applicable to credit licensees. Also, if you provide credit services to wholesale customers you may have certain disclosure and legal obligations to comply with. Our team has extensive experience in navigating the complex legal and regulatory landscape of the credit services regime and can help you comply your obligations as a credit licensee and credit provider.
Our Credit Law Services
Our team will navigate the legal and regulatory landscape applicable to your business and will provide advice tailored to your organisation. This includes:
- ASIC Licensing Application Support – Assistance with preparing, submitting, and securing approval for an Australian Credit License (ACL) application with ASIC, and also credit license variations.
- Compliance Assistance – Helping in developing and implementing risk and compliance systems to meet your obligations as a credit licensee.
- Maintenance of Compliance – Ensuring ongoing compliance with credit laws and ASIC’s Regulatory Guides applicable to credit licensees, including drafting relevant policies and procedures and advising on business processes.
- Review and Audit – Assessing compliance systems to ensure they are effective and up to date with industry changes.
- Reportable Breach Assessment and Remediation – Investigating a breach and assessing whether it amounts to a reportable breach that must be reported to ASIC. This includes assisting with developing remediation strategies to prevent future breaches.
- Credit Representatives – Drafting or reviewing Credit Representatives Agreements (CAR).
- Credit Legal Advice – Advising on credit obligations under the National Consumer Credit Protection Act 2009 (Cth), National Credit Code 2009 (Cth), Australian Securities & Investments Commission Act 2001 (Cth) and other relevant laws applicable to credit providers.
- Consumer Disclosure Materials – Drafting or reviewing consumer disclosure materials such as credit guides, Target Market Determinations (TMD), loan agreements, mortgage documents, guarantor documents, specific security agreements, loan applications and ancillary documents.
- Online Compliance Training – Developing and delivering compliance training online or in person to organisations to assist them with meting their organisational competence obligations to ensure staff receive the appropriate training to perform their roles.
- Risk Management – Advising on and providing guidance for risk management to assist credit licensees in understanding risk management obligations, and with developing and implementing adequate risk management systems which comply with relevant credit laws and regulations.
- Outsource Provider of Licensed Functions – We can be an extension of your team to supplement critical business and mandatory licensed functions for Australian Credit License (ACL) compliance.
- Regulatory Advice and Guidance – Advising on and providing guidance on credit regulations including, ASIC Regulatory Guides and Information Sheets, and other applicable regulatory laws and regulation.
- Responsible Manager Services – We can provide responsible manager services or guidance to existing responsible managers with respect of their obligations.
