Money held in trust

You will be asked whether you are likely to receive money for or on behalf of another person in the course of providing credit services. If you select ‘yes’, you will be asked whether you will hold this money in a trust account with an Australian ADI.

Credit licensees that receive money for or on behalf of another person in the course of providing credit services have obligations under Div 3 of Pts 2–5 of the National Credit Act to maintain a trust account.

This question requires an indication of whether you expect to receive and hold money for consumers. Not all people who have an authorisation covering credit services will do this.

Credit providers who also select the authorisation to ‘Engage in all credit activities’ may provide credit services, other than in their capacity as a credit provider, for the purpose of this question and the trust account obligations.

Note: For more information about whether the trust account obligations apply to you, see Information Sheet 136 Complying with your trust account obligations as a credit licensee (INFO 136).


This information comes from Regulatory Guide 204.

Last updated: 20/10/2014 12:00