Credit: General conduct obligations
As a credit licensee, you must engage in credit activities efficiently, honestly and fairly, maintain organisational competence and manage conflicts of interest.
You must:
- maintain your organisation's training and competence (see Regulatory Guide聽206 Credit licensing: Competence and training (搁骋听206))
- have adequate financial resources to engage in credit activities, if you are not also regulated by the Australian Prudential Regulation Authority (APRA) (see Regulatory Guide聽207 Credit licensing: Financial requirements (搁骋听207))
- have an adequate process for appointing and supervising credit representatives
- have in place dispute resolution procedures
- have adequate consumer compensation and insurance arrangements (see Regulatory Guide聽210 Compensation and insurance arrangements for credit licensees (搁骋听210)).
You are responsible for deciding how to comply with the general conduct obligations.
To help you comply, Regulatory Guide聽205 Credit licensing: General conduct obligations (搁骋听205):
- outlines key compliance concepts that apply to all of the general conduct obligations
- describes what we look for when we assess compliance with various general conduct obligations
- includes questions to help you design and test your measures for complying with the general conduct obligations.
Related links
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Information Sheet聽135 Annual compliance certificates for credit licensees (滨狈贵翱听135)
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Information Sheet聽136 Complying with your trust account obligations as a credit licensee (滨狈贵翱听136)