ASIC launches compliance check-up

by Adam Smith04 Apr 2012

ASIC has tipped that it will be contacting ACL holders to check up on their Annual Compliance Certificates.

The regulator has said it will contact "some" ACL holders to verify the information lodged in the Compliance Certificates, and will be "assessing and discussing" the results of its check-up with the licence holders involved.

"Annual Compliance Certificates contain important information about the activities of Australian Credit Licensees. This information is critical to ensure those activities are conducted appropriately and that there are relevant processes and programs in place to identify non-compliance," ASIC commissioner Greg Tanzer said.

All ACL holders will be required to lodge their Annual Compliance Certificate within 45 days of the anniversary of obtaining their licence. ASIC said the certificates will ensure that ACL holders are acting in accordance with their NCCP obligations, and will be used to determine the annual fee payable by licensees.


  • by sidbroker 4/04/2012 2:13:18 PM

    This is just getting more ridulous!!!

  • by qedrisk 5/04/2012 12:56:53 PM

    I have been warning brokers about this for months. Note carefully, too, that the annual compliance certificate does not once specifically mention responsible lending or your "files". Your compliance obligations are bigger than this. It doesn't need to be difficult, but you just need to do *something* and if you don't know what that is, get help which, again, needn't be expensive.