Most Australian Credit Licence (ACL) holders conduct an external compliance review at least once every 12 months. The review will cover your compliance documentation, procedures and processes to ensure that they meet regulatory requirements and your ACL authorisations and conditions.
Suggested areas of external review are for ACL holders are listed below:
- Breaches Register and Files;
- Client files during the period;
- Credit Guides used during the period;
- Adviser recruitment files for any new representatives / authorised representatives – Police Checks, etc.;
- Credit Representatives – processes and procedures in place;
- Complaints Register and Files;
- AFCA Membership Renewal;
- Training Plans;
- Risk Management Program Annual review and testing of Disaster Recovery Program;
- Professional Indemnity insurance;
- Files for appointment of new Responsible Managers (if any);
- Credit Representative Training Plans and Registers;
- Due Diligence and Monitoring of external service providers; and
- Responsible Lending Conduct including hardship procedures.
If you would like to obtain further information or assistance, please contact Sophie Grace directly.