ASIC has begun its annual review of compliance certificates lodged by Australian credit licensees.

Annual compliance certificates certify that licensees are complying with their obligations under the National Consumer Credit Protection Act 2009. Licensees must submit their compliance certificates no later than 45 days after the anniversary date of obtaining their licence.

Areas of focus for ASIC in 2013–14 will be internal dispute resolution processes, calculation of annual fees and the processes and systems put in place by credit representatives to ensure they’re complying with legal requirements.

ASIC Commissioner Greg Tanzer said that a number of credit licensees throughout Australia will be contacted to verify their information.

‘Consumers need to be confident that the credit businesses they deal with are operating fairly and efficiently. ASIC will take action against licensees who fail to meet their obligations,’ Mr Tanzer said.