Australia National Consumer Credit Protection Act 2009 (Cth)

Chapter 2: Licensing and general obligations of licensees – Australia National Consumer Credit Protection Act 2009 (Cth)

Australia National Consumer Credit Protection Act 2009 (Cth) s47-1f-g: s 47(1)(f), (g) Maintain competence and ensure representatives are trained and competent

A licensee must maintain the competence to engage in its authorised credit activities and ensure its representatives are adequately trained and competent to engage in those activities.

Maintained by Gerard Blokdyk

Other controls in Chapter 2: Licensing and general obligations of licensees – Australia National Consumer Credit Protection Act 2009 (Cth)

s29-32 ss 29 to 32 Hold a credit licence for every credit activity; do not hold out, deal with unlicensed persons or charge fees for unlicensed activity
s47-1a s 47(1)(a) Engage in authorised credit activities efficiently, honestly and fairly
s47-1b s 47(1)(b) Have adequate arrangements so that conflicts of interest do not disadvantage clients
s47-1c-ea s 47(1)(c) to (ea) Comply with licence conditions and the credit legislation, ensure representatives comply, and follow the reference checking protocol
s47-1h-i s 47(1)(h) to (i) Run a compliant internal dispute resolution procedure, report IDR data to ASIC and be a member of AFCA
s47-1j-48 ss 47(1)(j) and 48 Have adequate compensation arrangements
s47-1k-l s 47(1)(k), (l) Keep a written compliance plan, adequate resources and adequate risk management systems
s49-50 ss 49 and 50 Lodge statements, obtain audit reports and give information when ASIC directs

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