How helpful are the new Credit Regulatory Guides?

To meet their earlier promises, ASIC released its latest tranche of Regulatory Guides immediately prior to the Christmas break.  Although QED Risk Services’ discussions with ASIC suggest that not all elements are yet set in stone, these documents provide the best indication thus far of how the online application process will work and ASIC’s expectations of the detail and background systems required by prospective Licence applicants.

The new Guides that have been produced are:

Regulatory Guide 204:  Applying for and varying a credit licence
Regulatory Guide 205:  Credit licensing:  General conduct obligations
Regulatory Guide 206:  Credit licensing:  Competence and training
Regulatory Guide 207:  Credit licensing:  Financial requirements
Regulatory Guide 208:  How ASIC charges fees for credit relief applications

ASIC has also produced a somewhat helpful Information Sheet to assist small prospective applicants in understanding the requirements – INFO 97 Guidance for small credit businesses.

But is this getting you closer to your Licence?

Most credit brokers had a hectic close to 2009 and many have taken a couple of weeks since Christmas to cool their heels a little.  Now 2010 is hotting up – do you have the time to trawl through ASIC Regulatory Guides to find out about the registration and Licence application processes?  1 April and 1 July will be on us before we know it.

Some law firms have recently published their own interpretations of the ASIC Guides.  These don’t necessarily make it easier for credit providers to know where they currently stand.

For simple, easy-to-understand (not in lawyer-speak) assistance that will save you time, contact QED Risk Services about our range of services that can give you exactly what you need to get licensed.