What we do
We can help you secure your own Credit Licence, make sure you are fulfilling its obligations and provide solutions to make sure your representatives are adequately trained and competent to provide the credit activities they engage in.
We keep you up to date and operating at best practice by making sure you are across changes in compliance standards and offer a monitoring and supervision program designed not just to fulfil this obligation but to educate the participants by way of feedback and coaching.
We facilitate the implementation of risk management programs providing comfort that risks to your business are identified, allocated an owner, and mechanisms put in place to effectively manage these, and the ever-changing portfolio of risks faced.
Broker support
We understand the challenges of finance broking businesses and provide help and guidance based upon our own experiences operating in the finance broking industry. We can assist you with anything from advice coaching to Credit Licence Management.
Credit Licensing
Obtaining and operating under your own credit licence is an important step for many brokers but is also a process that can be time consuming and difficult to navigate.
As a credit licensee, you are required to comply with general conduct obligations designed to ensure that you operate your credit business properly, such as:
- ensuring your representatives are competent to engage in credit activities
- ensuring you and your representatives comply with the credit legislation
- having adequate resources and risk management systems
- having appropriate arrangements and systems to ensure compliance that also demonstrate how you are complying
This is not an exhaustive list of your obligations. We will help you navigate this process by providing you with the tools, training and resources to ensure you are meeting them.
Managing the ASIC Regulatory Portal
Credit Licensees need to access the ASIC Portal once a year to lodge their annual compliance certificate and when representatives come and go, or contact information changes. We can provide help, support, and training with the completion of forms and general maintenance of the management of the information in this important portal.
NCCP Compliance
Having a robust compliance program has an impact on the value of your business and allows you to focus on growing it. It will also help your staff understand their obligations, reducing the risk of a compliance breach.
We can benchmark your current systems and processes against industry standards and regulatory guidance, provide you with an assessment and in need make recommendations to bring your program up to best practice. When was the last time you updated your company’s policy and procedure manuals?
Training and Education
ASIC requires you and your Team to be adequately trained and competent to engage in the credit activities authorised by the credit licensee and expect that representatives are trained at least to the level of the industry standard.
We have developed programs to assist you with these competency requirements and more to help your team with their understanding and application of the laws, regulations and standards that they must comply with in their role:
- Australian Privacy Act Principles
- Anti-Money Laundering & Terrorism Financing (AML/CTF)
- Financial Abuse Awareness (Banking Code of Practice)
- Fraud Awareness
- National Consumer Credit Protection Act Obligations
We also provide refresher training designed to evidence, at your annual compliance certificate date, that you have adequate arrangements in place to ensure your representatives were adequately trained and competent.
Audits & Reviews
ASIC places a continual obligation upon Licensees to monitor and supervise their representatives to ensure that they are complying with the credit legislation. They also require Licensees to keep sufficient records about their monitoring and supervisory activities to enable them to share information under the new ASIC reference checking protocol. At credit comply we have a comprehensive knowledge of regulatory guidance and industry standards.
We believe that issues identified following an audit are important to the training and development of your Team. ASIC does not specify audit samples but we deliver a large sample, high level audit to gain a better understanding of the knowledge gaps, then provide feedback, coaching and repeat that process.
Risk Management
There is an obligation to have adequate risk management systems whether you are a Credit Licence Holder, AFSL Holders or Listed Entity and for good reason.
Risk management is the process of minimizing or mitigating risks your business faces. It starts with the identification and evaluation of risk, followed by establishing ways to minimise the chance of such an event, and how to respond should an event occur.
Managing risk ensures that everything you do in your business that presents a threat is considered, controlled, and reviewed. We help you identify the risks your business faces, assist you in implementing measures to control those risks and then assist you with their timely review to make sure they remain up to date, functional and practical.
Managing risk gives comfort that risks are identified, allocated an owner, reviewed and mechanisms are in place to effectively manage these and the ever-changing portfolio of risks faced.