ASIC Regulatory Guide 209 Credit Licensing: Responsible Lending Conduct (Australia)
Section D: the written assessment and record keeping – ASIC Regulatory Guide 209 Credit Licensing: Responsible Lending Conduct (Australia)

ASIC Regulatory Guide 209 Credit Licensing: Responsible Lending Conduct (Australia) rg209-d-record-keeping: Keep records that demonstrate compliance: the inquiries made and answers given, the verification documents and data, the assessment and its assumptions, a narrative summary of the consumer's requirements and objectives, and the use of any tools

What does rg209-d-record-keeping require?

ASIC sets out the practices it considers help demonstrate compliance: using structured tools (checklists, templates, system prompts) while ensuring that all relevant information, including what the consumer said in conversations and the inquiries made in response to red flags, is recorded, since the inquiry process is rarely linear; recording the communications with the consumer on the consumer's file so that a later reviewer can see what was asked and answered; keeping the verification documents and data and noting what was checked; and including a concise narrative of what the consumer required and aimed for and how the product meets that, which a bare list of product features does not provide. The records support the written assessment the consumer may request, the licensee's own review of outcomes and ASIC's surveillance.

Maintained by Gerard Blokdyk

Other controls in Section D: the written assessment and record keeping – ASIC Regulatory Guide 209 Credit Licensing: Responsible Lending Conduct (Australia)

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