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Finance Broking Australia-regulatory guide 207 credit licensing financial requirements

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Regulatory Guide 207 - Credit licensing: Financial requirements CPD

An Australian credit licensee must comply with the obligation to have adequate financial resources in S47 (l) (l) of the National Consumer Credit Protection Act 2009 (National Credit Act): see RG 207.1–RG 207.4.

As a credit licensee, you are responsible for deciding how to comply with the financial resource requirements. This guide sets out our minimum expectations for demonstrating that you have adequate financial resources: see RG 207.8–RG 207.11.

You must be able to confirm to ASIC that you can comply with the financial resource requirements when you apply for a credit licence and on an ongoing basis as part of the annual compliance certificate: see RG 207.12.

The Regulatory Guide 207.1 states that if you are a credit licensee (among other obligations you have under the National Credit Act) you must:
a)   Have adequate financial resources to:
      (i)   engage in credit activities authorised by your licence and
      (ii)  carry out supervisory arrangements
b)   Do all things necessary to ensure that the credit activities authorised by your license are engaged in efficiently, honestly and fairly.
c)   Have adequate risk management systems.

 

COURSE DELIVERY OPTIONS:

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COURSE REQUIREMENTS:

For the online delivery option, you will need to have access to a computer with an internet connection.

 

COURSE DURATION:

Your enrolment is valid for a period of twelve months.

 

ASSESSMENTS:

1 online multi-choice assessment

 

ADDITIONAL INFORMATION:

CPD Hours - 1

 

 

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