The myth of uncertainty

In QED Risk Services’ travels around Credit Licensing, we keep being amazed by the talk we hear around how the industry is “waiting for the dust to settle” or “how the regulations will end up looking” or, even, talk of the “proposed legislation”!

The National Consumer Credit Protection Act got its sign-off from the Governor General on 15 December. The legislation is here. ASIC released the bulk of their regulatory guides on 23 December. Those Guides do not change easily.

The national credit regime is here. It is final. Procrastinate and you will miss out.

On the other side of the coin, QED Risk Services was pleased to note that more than 2,500 entities registered with ASIC within the first three days of credit registration in April. We hope that’s a good sign that the industry will be quick to adopt the changes.

There are many procedures you will need to adopt that are probably new to you in the credit industry. You can start adopting those procedures now and manipulate them to add value to your business. That way, come 1 July, you will be ready to submit your application to ASIC and miss the log-jam that will inevitably come at the end of the year.

Remember to contact QED Risk Services for any queries you may have. We work on a “first consultation free” model so will be pleased to talk to you without any obligation on your part.

Call us now on 1300 817 662

Posted on: Saturday, 22 May, 2010

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