Unless an exemption applies, an ACL holder has the following ongoing obligations:
- ensure that credit activities are engaged in efficiently, honestly and fairly;
- conflict of interest arrangements;
- comply with any licensing conditions;
- comply with credit legislation;
- maintain competence to engage in credit activities;
- ensure representatives are adequately trained;
- internal dispute resolution procedures;
- member of an approved EDR scheme;
- compensation arrangements (including professional indemnity insurance) for breaches of its obligations;
- adequate and documented compliance arrangements and systems;
- adequate resources and adequate risk management systems;
- cite its ACL number on documents;
- regular reporting to ASIC;
- breach reporting to ASIC within 10 business days; and
- financial record-keeping.
Sophie Grace is able to provide ongoing compliance support to ACL holders in order to ensure your ACL is maintained.
If you would like to obtain further information or assistance, please contact Sophie Grace directly.