The purpose of a financial resources policy is to ensure your business has adequate financial resources available to service its credit licence requirements. The Directors need to ensure financial risk management by maintaining sufficient financial resources to satisfy all financial requirements placed on the business.
Your financial policy is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against this policy regularly, document the results and take action to fix any areas of non-compliance.
QED CompliFast is an online compliance monitoring system that Australian credit licensees use to meet their NCCP compliance obligations. With different areas tested quarterly, QED CompliFast ensures adequate testing, documentation and recommended action plans for financial policies.