18 June 2024

If you currently operate a business that provides credit services to consumers and hold an Australian Credit Licence (ACL), you are required to remain compliant with strict requirements under the National Consumer Credit Protection Act 2009 (Cth) (National Credit Act). ACLs are subject to a range of obligations, including but not limited to, general conduct obligations, organisational competence, reporting requirements and training requirements. It is important to engage an ACL compliance expert to assist you in ensuring you remain compliant with the various obligations set out in the National Credit Act as a Credit Licensee. This article explores the key benefits of engaging an ACL compliance expert and how Adria Law can assist you.

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Key Benefits of Engaging an ACL Compliance Expert

There are various key benefits of engaging an ACL compliance expert including:

1. Cost – a more cost-efficient process as an external ACL compliance expert would, in most cases, be cheaper compared to hiring an internal compliance officer or a compliance team, particularly when you are a boutique or mid-sized business;

2. Expert – receiving a service and advice from an expert that is, on a daily basis, more exposed and focused on specific obligations and requirements that affect a Credit Licensee;

3. Workload – decreasing your workload on maintain your compliance duties with the support of an external ACL compliance expert allowing you to place an increased focus on your primary operations and increasing your business’ revenue;

4. Efficiency – spend less time having to develop and implement a compliance program as an external ACL compliance expert can implement a compliance program for you immediately as your ACL obligations begin as soon as you are granted an ACL;

5. Updates – receiving updates on any amendments to related legislation and regulations including an update to an implemented compliance system to ensure continuous compliance with any new or updated obligations;

6. Notifications – receiving ongoing notifications and reminders for any lodgement requirements with various government agencies that are obligatory with your ACL;

7. Training – receiving training sessions that assist you in meeting your training requirements under your ACL including for responsible managers, employees and other representatives of the Credit Licensee; and

8. Confirmation – receiving a confirmation from an external ACL compliance expert that you are compliant with the obligations under your ACL for a specific period of time providing assurance.

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As a Credit Licensee, it is vital to have a compliance program in place to ensure you remain compliant with the strict requirements set out in the National Credit Act. It is substantially beneficial to engage an external ACL compliance expert to assist you in implementing a compliance program and continuously monitoring your obligations as a Credit Licensee to avoid any compliance issues.

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At Adria Law, we provide an extensive service that we have developed to assist you, as a Credit Licensee, to ensure you constantly remain compliant with your obligations and so you can put more focus on enhancing your business’ primary operations and increasing revenue and less on your backend compliance duties.

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How We Can Help

Adria Law are experts in assisting Credit Licensees remain compliant with the strict requirements set out in the National Credit Act and collaborate closely with you to implement a compliance program to suit your business operations and continuously monitor your compliance with your obligations under your ACL. We provide this service either on an initial basis including implementing a comprehensive and tailored compliance program for your business and/or conduct an annual review of your compliance program and policies, or on an ongoing basis where we collaborate closely with you to ensure you continuously meet your obligations under your ACL. 

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If you are a Credit Licensee, contact our experienced lawyers today for a free consultation.