ASIC is undertaking a compliance program to check the information lodged by Australian Credit Licensees in their Annual Compliance Certificates.
Holders of an Australian Credit Licence are required to lodge an Annual Compliance Certificate with ASIC within 45 days of the anniversary date of obtaining their licence.
ASIC will be verifying the information in the Annual Compliance Certificate which contains important data about the business activities of the Australian Credit Licensee and senior staff within the entity.
Australian Credit Licence holders are required to certify a number of matters, including that they are acting in accordance with their obligations, every year. The information contained in the Annual Compliance Certificate is also used to determine the annual fee payable by licence holders.
Between 1 April 2012 and 30 June 2012, ASIC will be contacting some Australian Credit Licensees to verify the information contained within Annual Compliance Certificates lodged. ASIC will be assessing and discussing the results of the program with the licence holders concerned and may issue further information to industry on any key problems that arise.
ASIC Commissioner, Greg Tanzer, said ASIC was committed to facilitating efficient registration and licensing processes and that the integrity of information lodged by licensees was instrumental in achieving this outcome.
‘Annual Compliance Certificates contain important information about the activities of Australian Credit Licensees. This information is critical to ensure those activities are conducted appropriately and that there are relevant processes and programs in place to identify non-compliance,’ Mr Tanzer said.
Australian Credit Licensees are required to provide information about their business activities, money held in trust, compliance obligations and other areas in the Annual Compliance Certificate.