We have released a revised version of Regulatory Guide 206 with a modified policy on organisational competence and representative training for credit licensees that provide home loans.
A review of mortgage brokers providing credit assistance for home loans in the first six months of the new national credit regime has found that while they are generally aware of the new responsible lending obligations and taking steps to comply, there is room for improvement.
There are significant improvements that can be made to the practices of banks, credit unions and building societies that offer consumer credit insurance (CCI) to reduce the risk the product may be mis-sold, an ASIC review has found.
This information sheet sets out responsible lending disclosure obligations for credit licensees and representatives under Ch 3 of the National Credit Act and related regulations.
We are warning businesses and companies licensed by us to not use the ASIC name or logo when promoting their businesses or the fact that they hold a licence with ASIC.
| Background | The background to the new credit laws and ASIC's implementation process. |
| Licensing | Do you need a credit licence? How to apply for, vary or cancel your licence. |
| Change your details | Check and update your details |
| Compliance | Your credit licence compliance obligations explained |
| Representatives | How to appoint credit representatives and notify us of their details |
| Relief | ASIC may grant relief from various provisions of the credit legislation. | Credit resources | Other sources of information on credit including external websites. |