QED Offices will be closed 24 December to 7 January

About ACL & NCCP Compliance

1300 817 662

About ACL & NCCP Compliance

On 15 December 2009 the National Consumer Credit Protection Act received Royal Assent, finally opening the path to the Federal regulator, Australian Securities and Investments Commission (ASIC), taking over the regulation of the provision of credit from the States.

From 1 January 2010, if you want to conduct credit activities in Australia, you must have been granted an Australian Credit Licence by ASIC.

ASIC have hired over 200 staff nationally to actively enforce compliance and Licensees that are found to be in breach of the requirements or to have misrepresented themselves to ASIC will face stiff penalties.

The "General Conduct Obligations" include:

  • arrangements for dealing with conflicts of interest
  • arrangements for ensuring compliance with the legislation
  • training and competence structures
  • being a member of an external disputes resolution scheme and having an adequate internal disputes resolution scheme (a complaints policy)
  • having adequate compensation arrangements
  • having adequate resources to provide services, including HR, IT and financial resources
  • having an adequate risk management system in place

Credit industry participants need to have the above elements embedded in their businesses prior to being a Licensee.

Although these measures are being forced on the industry by ASIC, many of the requirements simply make good business sense and we urge all businesses to take this opportunity to add real value to their operations.

 

Australian Credit Licensing assistance

If you want to have your own ACL, we think that's the right decision and we have everything you need to assist you getting there. QED Risk Services can provide template policies that you can take and customise to your business; we can talk to you about your business and perform the customisation for you; or we can execute the complete implementation for you, train your staff in new procedures where necessary and provide methodology to ensure continuing compliance.

Similarly, lending network groups such as aggregators, choosing to allow brokers to be authorised as credit representatives of their licence will need to ensure all the above requirements are covered off right through their credit representative network. QED Risk Services can similarly assist with this process.

Finally, having submitted more Credit Licence applications than any other provider in the industry, QED is constantly engaged with ASIC at the grass-roots, operational level. QED constantly monitors the turnaround time ASIC takes to approve a Credit Licence and we keep you informed at every stage of the Credit Licensing process.  QED knows each one of the Licensing analysts and their individual character traits. Through QED's assessment of ASIC's ever-evolving ACL process, it gets to identify trends that develop and, if required, can contact more senior managers at ASIC and ask specific questions - "We have noticed this trend - is that something that you think is becoming broader ASIC policy?" Where this does turn out to be the case, if it's noteworthy, QED will let its client base know in a timely manner.

Call us today on 1300 817 662 to talk about how we can help you.

 

NCCP Compliance

Australian Credit Licensees are required to renew their Licence with ASIC every year via the Annual Compliance Certificate. 

To meet the ongoing requirements of an Australian Credit Licence, licensees are required to have

  • written policies and procedures for each of the general conduct obligations (listed above)
  • a systematic process of testing yourself against these policies
  • and evidence that you are performing that testing, documenting the results and taking action to fix areas that were found to be non-compliant?

Therefore NCCP compliance is an ongoing activity that Licensees need to adhere to.

 

The easy solution for NCCP Compliance

QED CompliFast is a quarterly compliance program - it monitors different areas of your business each quarter, so it's not overwhelming!

QED CompliFast is fast and easy to use with just 4 simple steps:

  1. Education: Just download and read your quarterly information pack.
  2. Assessment: Complete your quarterly questionnaire as an overall assessment of your business.
  3. Feedback: Read your professional and personalised report with recommended corrective action plans.
  4. Easy Access: We keep your reports safe and secure. Access your reports as anytime through your secure login - handy if ASIC audits your business!

 

Ongoing in-office compliance service

QED also offers an ongoing in-office Compliance Service for particular businesses in all capital cities. There are three basic services as part of this service:

  1. Continuous updates of requirements - as ASIC or other regulators update the requirements of the Licensee, QED Risk Services will include these updates into the business's risk and compliance matrices and testing. If an updated item is particularly urgent it will be implemented immediately. Otherwise it will be integrated into quarterly compliance checking.
  2. Online and phone support – Call our support team on 1300 817 662, Monday to Friday, 9am to 5 pm in relation to your NCCP obligations.
  3. Quarterly business monitoring and testing - as per your risk and compliance testing programmes, we will conduct testing of your business on a quarterly basis. This includes all your business activities. This will be a meeting every three months, followed up with detailed reporting to Directors of the testing results and, where there have been breaches observed, suggested corrective action plans.

Call us today on 1300 817 662 to talk about how we can help you.

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1300 817 662
31 Ardentallen Road
Enoggera QLD 4051
PO Box 5178
Brendale QLD 4500
admin@complifast.com.au