We regularly advise clients on regulated and unregulated lending (both secured and unsecured) and assist in developing new and innovative credit products. We have extensive experience developing retail and commercial products and services, and advising clients on non-cash payments, advertising and marketing compliance, design and distribution obligations, privacy, AML/CTF regime, credit cards and personal loans and leases. If you want to engage in credit activities you will need to apply for an ACL or receive approval from ASIC to be an authorised credit representative and we can assist with both. We are specialists in preparing licensing applications, appointing or providing responsible managers, drafting risk and compliance frameworks and credit contracts, and providing guidance on ACL compliance. We also advise on all matters which affect the credit industry including responsible lending, customer due diligence, identity verification, hardship, responsible manager and staff training, breach reporting and AFCA investigations.
Our expertise:
Preparing applications to obtain or vary an ACL and providing advice on authorisations, ASIC exemptions, and the enhanced regulatory sandbox exemption
Preparing compliance, governance and risk management frameworks and policies required to satisfy the National Consumer Credit Protection Act and Regulations, ASIC Regulatory Guides and ACL conditions
Developing regulated and unregulated credit products (personal loans, auto loans, debt factoring, lines of credit, BNPL, mortgages, and credit cards etc)
Advice on the National Consumer Credit Protection Act and National Credit Code, ACL compliance, general conduct obligations, consumer protection regulations, unfair contracts, retail and commercial lending, responsible lending obligations, consumer and commercial contracts, internal and external dispute resolution, breach reporting, financial hardship, debt collection, interest rates, white labelling, bankruptcy, and relevant codes of practice
Assistance in obtaining professional indemnity insurance (or an exemption under the Regs) and membership with AFCA
Providing Target Market Determinations, advertising and marketing guides, ACL training and workshops, and advising on Design and Distribution Obligations
Assistance enrolling with AUSTRAC, preparing an AML/CTF Program and advising on designated services, sanctions, PEP and AML/CTF obligations
Drafting and negotiating credit contracts, loan agreements, mortgage contracts, financial hardship applications, credit rep agreements, outsourcing, distribution, referral agreements etc
Dealing with regulators including ASIC, APRA, ACCC, ACMA, AUSTRAC and AFCA and assisting with regulatory investigations, enforcement proceedings, breach notifications, production notices and enforceable undertakings
Advice on appointing Responsible Managers (or we can provide you with one), key person conditions and fit and proper persons
Providing off the shelf agreements and policy templates for in-house counsel
Contact us today to find out more about the consumer and commercial credit services we provide on 1800 965 990 or info@cocounsel.com.au.