Are you treating your customers efficiently, honestly and fairly?
Complying with your Australian Credit Licence (ACL) obligations is an essential part of your consumer credit business as evidenced by the first round of public hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Round one considered aspects of the treatment of consumers by banking and financial services providers in connection with a number of credit products, including residential mortgages, car finance and credit cards. It also considered the arrangements and practices of banking and financial services providers and their intermediaries. The hearings exposed the conduct of ACL holders who have failed to treat their customers efficiently, honestly and fairly as well as failing their responsible lending obligations.
Cowell Clarke‘s financial services team have extensive expertise in consumer credit law as well as regulation relating to lending to small business. We provide a range of legal and regulatory services to ACL holders (both credit providers and entities that provide credit assistance) to assist them in ensuring that they are meeting their ongoing compliance obligations.
Our services include:
- Acting as regulator liaison.
- Assisting clients with Australian credit licence applications and varying authorisations or conditions of the licences.
- Advising board on best practice corporate governance and compliance in relation to consumer credit or lease business.
- Providing specialist legal advice in relation to corporate and business mergers, acquisition, and restructuring in the context of a regulated consumer credit or lease business.
- Providing advertising sign-off for print and media (including social media).
- Drafting agreements, disclosure documents and regulated notices under the National Credit Code and Part IIIA of the Privacy Act 1988.
- Providing specialist legal advice in relation to novel or emerging technologies in relation to consumer products such as via artificial intelligence credit risks analysis, FinTechs e-lending and peer-to-peer schemes.
- Providing forensic compliance and governance reviews in the style undertaken by regulators (ASIC, ACCC, AUSTRAC, APRA and the OAIC) on all aspects of your consumer credit business.
- Advising on practical tips for managing your ACL compliance risks.
Find out more
To find out more and get started, please submit the enquiry form below.