Statement of personal information

For each of your ‘fit and proper people’, you will be asked to certify whether the person has been subject to certain events within the last 10 years, whether in Australia or overseas. These events are matters that may affect whether they have the attributes of a fit and proper person to be involved in your credit business, and include:

  • refusal or restriction of authorisations required by law for a trade, business or profession; disciplinary action or investigations that may result in disciplinary action; licence cancellations;

  • reprimand or disqualification or removal by a professional or regulatory body or EDR scheme in matters relating to the person’s honesty, integrity or business conduct; claims against PI insurance in relation to advice given by the person; refusal of PI insurance; denial, cancellation or suspension of accreditation by a lender, mortgage manager or mortgage insurer;

  • use of different names to those in the application;

  • administrative, civil or criminal proceedings or enforcement action, which were determined adversely to the person; and

  • declaration of bankruptcy or insolvency; involvement in the management of any companies or businesses that have had an external administrator appointed, or entered a compromise or scheme of arrangement with creditors, or been declared insolvent.

If you answer ‘yes’ to any of these events, you will be advised that you will need to provide an explanation of each of those matters. You must also provide specified documents or information about any of the following matters that the person may have been subject to:

  • a judgement against them in proceedings;

  • a declaration of bankruptcy or insolvency; or

  • a deed of arrangement, assignment or a composition under Pt X of the Bankruptcy Act 1966,

For more information, see RG 204.301.

To enable you to give this certification, you will need to obtain from each of your fit and proper people a signed statement about those events. A template is included in Information Sheet 138 Credit annual compliance certificate: Statement of personal information (INFO 138). The online application includes a link to this document. You can use this template, or you can prepare the statement in the format of your choice provided it contains all of the required information. You will need to keep each signed statement given to you by your fit and proper people for seven years.

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This information comes from Regulatory Guide 204.

Last updated: 20/10/2014 12:00