ASIC gives good advice on getting ready for Credit

This week, the Australian Securities and Investments Commission released its Information Sheet 96 on Getting Ready for Credit and it actually contains some very sound advice.

Apart from providing an abridged timeline for the transition to the national credit regime, the information sheet advises potential credit licensees to start acting now, doing what they can to avoid any last minute complications in the registration and licensing rush that will ensue on 1 April 2010.

ASIC’s recommends providers do the following as a minimum:

Become a member of an External Disputes Resolution Scheme, for example COSL
Perform background checks on your key people
Check and, where necessary, update your details on various ASIC registers to make sure they are correct and are in the same name etc in which you will be applying for your Licence

In addition to this, QED Risk Services thoroughly recommends businesses consider their current policies and systems as there are some elements that we know are going to be part of the requirements. See our Australian Credit Licensing page for more details about this.

See the full Information Sheet 96 at ASIC’s website.

Posted on: Sunday, 6 December, 2009

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