RG 207 Credit licensing: Financial requirements
Issued 1 April 2020
An Australian credit licensee must comply with the obligation to have adequate financial resources in s47(1)(l) of the National Consumer Credit Protection Act 2009 (National Credit Act).
As a credit licensee, you are responsible for deciding how to comply with the financial resource requirements. Regulatory Guide 207 Credit licensing: Financial requirements (RG 207) sets out our minimum expectations for demonstrating that you have adequate financial resources.
You must be able to confirm to ASIC that you can comply with the financial resource requirements when you apply for a credit licence and on an ongoing basis as part of the annual compliance certificate.
If you are a body regulated by the Australian Prudential Regulation Authority (APRA), as defined in s3(2) of the Australian Prudential Regulation Authority Act 1998, this guide does not apply to you.
Note: APRA, and not ASIC, imposes requirements for financial resources for bodies it regulates. This applies even if only a part of your credit activities is an activity regulated by APRA.