Finance Broking Australia-regulatory guide 205

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Regulatory Guide 205

Credit licensees must comply with general conduct obligations: see RG 205.1.

Such obligations include doing all things necessary to ensure that the credit activities authorised by your licence are engaged in efficiently, honestly and fairly. Licensees must comply with the conditions on your licence, the credit legislation and any other obligations that are prescribed by the regulations.

Licence applicants must be able to demonstrate in their licence application that they can comply with these general conduct obligations: see RG 205.3–RG 205.7.

As a credit licensee or licence applicant, you are responsible for deciding how to comply with the general conduct obligations: see RG 205.8–RG 205.10.

To help you comply, this regulatory guide:
• Outlines key compliance concepts that apply to all of the general conduct obligations (see Section B);
• Describes what ASIC look for when they assess compliance with various general conduct obligations (see Sections C to F); and
• Includes questions to help you design and test your measures for complying with the general conduct obligations (see Appendix of RG 205).

S47 (1)                 General conduct obligations of credit licensees
S47 (1)                 Risk management systems and resources
S47 (1) (b)           Conflict of interest
             (h)           Dispute resolution scheme
S47 (1) (g)           Training representatives
S47 (1) (k)           Having adequate compliance
205.32/37            Implementing, monitoring and reporting on your measures
205.69                  Role of senior management for compliance
205.73/74            Risk management systems, national credit code, identify and evaluate risks faced by your business
205.79                  Conflicts of interest / NCA – S47 (1) (b)
205.84                  Licensees providing third party loan, suitable comprehensive product list, thoroughly researched
205.91/95            Monitoring and supervise your representative
205.96                  Employment screening – look at ASIC website – reference checking.
205.106/109        Human resources – look at requirements.
205.110/111        Technology resources
205.112/113        Reviewing IT systems

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