Credit
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Find out more about the regulatory index or see related information at:
- Home > Regulatory resources > Credit
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Do I need a credit licence?
RG 203 Do I need a credit licence?
INFO 101 FAQs – does the new credit regime apply?
INFO 105 FAQs – dealing with consumers and credit
INFO 254 Debt management services: Applying for a credit licence or variation (PDF 363 KB) (see 21-094MR)
Applying for and varying a credit licence
RG 204 Applying for and varying a credit licence
INFO 103 FAQs – Getting a credit licence
INFO 108 Fees for Australian credit licences and annual compliance certificates
INFO 132 Applying for a credit licence: Details of professional indemnity insurance
INFO 244 Credit licence applications: Providing information for fit and proper people
INFO 254 Debt management services: Applying for a credit licence or variation (PDF 363 KB) (see 21-094MR)
Background
Home > Regulatory resources > Find a document > Reports > Licensing and professional registration applications
Credit licensee obligations
This section contains:
- General obligations
- Annual compliance certificate
- Reference checking and information sharing
- Reportable situations (formerly 'Breach reporting')
- Other regulatory obligations
Background
ASIC > Regulatory resources > Credit > Compliance tools
General obligations
RG 205 Credit licensing: General conduct obligations
RG 206 Credit licensing: Competence and training
RG 207 Credit licensing: Financial requirements
INFO 104 Complying with your credit obligations
INFO 134 Complying with your obligations if both credit licensee and AFS licensee
REP 330 Review of licensed credit assistance providers' monitoring and supervision of credit representatives
Background
ASIC > Regulatory resources > Credit > General conduct obligations
Annual compliance certificate
INFO 108 Fees for Australian credit licences and annual compliance certificates
INFO 135 Annual compliance certificates for credit licensees
INFO 138 Credit annual compliance certificate: Statement of personal information template
Reference checking and information sharing
INFO 257 ASIC reference checking and information sharing protocol (see 21-180MR)
ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) Instrument 2021/429
REP 694 Response to submissions on CP 333 Implementing the Royal Commission recommendations: Reference checking and information sharing
Example references for a financial adviser and mortgage broker
Related information
22-175MR ASIC helps credit providers protect victims of family violence
Background
RG 104 AFS licensing: Meeting your general obligations
RG 205 Credit licensing: General conduct obligations
INFO 126 Credit representatives
INFO 134 Complying with your obligations if both credit licensee and AFS licensee
INFO 229 Limited AFS licensees: Complying with your licensing obligations
Reportable situations (formerly 'Breach reporting')
Effective 1 October 2021, AFS and Australian credit licensees will be required to submit reportable situations to ASIC via the approved form available in the ASIC Regulatory Portal.
Background
- Home > Regulatory resources > Financial services > Breach reporting by AFS licensees > Reportable situations for AFS and credit licensees
- Home > Regulatory resources > Credit > Reportable situations
Breach reporting reforms
23-106MR ASIC releases updated guidance for licensees on reportable situations
- RG 78 Breach reporting by AFS licensees and credit licensees (commences 1 October 2021)
- Superseded SRG 78 (PDF 782 KB) (continues to apply with respect to certain breaches before 1 October 2021)
22-214MR ASIC’s approach to breach reporting: implementation of reportable situations regime (10 August 2022)
22-295MR Breach reporting: ASIC publishes insights from the reportable situations regime (27 October 2022)
- REP 740 Insights from the reportable situations regime: October 2021 to June 2022
21-235MR ASIC publishes guidance on breach reporting (7 September 2021)
- INFO 259 Complying with the notify, investigate and remediate obligations
- RG 78 Breach reporting by AFS licensees and credit licensees (commences 1 October 2021)
- REP 698 Response to submissions on CP 340 Breach reporting and related obligation (see Draft regulatory guide (PDF 613 KB), Draft information sheet (PDF 217 KB) and 21-080MR)
Related information
ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716
REP 775 Insights from the reportable situations regime: July 2022 to June 2023 (see 23-288MR)
Related information
RG 78 Breach reporting by AFS licensees and credit licensees (commences 1 October 2021)
Superseded SRG 78 (PDF 782 KB) (continues to apply with respect to certain breaches before 1 October 2021)
INFO 259 Complying with the notify, investigate and remediate obligations
REP 698 Response to submissions on CP 340 Breach reporting and related obligation (see CP 340, Draft regulatory guide (PDF 613 KB), Draft information sheet (PDF 217 KB) and 21-080MR)
ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541
ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716
ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801
ASIC Credit (Mandatory Credit Reporting—Auditor Appointment) Instrument 2021/829
REP 594 Review of selected financial services groups’ compliance with the breach reporting obligation
REP 740 Insights from the reportable situations regime: October 2021 to June 2022 (see 22-295MR)
Other regulatory obligations
RG 96 Debt collection guideline: For collectors and creditors
RG 210 Compensation and insurance arrangements for credit licensees
INFO 210 Unfair contract term protections for consumers (see 20-248MR)
INFO 211 Unfair contract term protections for small businesses (see 20-248MR)
INFO 136 Complying with your trust account obligations as a credit licensee
ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 (remade sunsetting [CO 10/1230]: see 20-225MR and CP 331)
RG 165 Licensing: internal and external dispute resolution (applies until 5/10/2021: see 20-171MR)
RG 271 Internal dispute resolution (applies after 5/10/2021: see 20-171MR) - see also RG 267 and ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98
Related information
Regulatory index topic: Financial services - Dispute resolution
19-358MR ASIC approves an updated Banking Code of Practice: see ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255
20-148MR ASIC approves temporary COVID-19 changes to the Banking Code: see ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2020/602
20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations: see
- ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486
- ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
- CP 325 Product design and distribution obligations
22-125MR ASIC releases updated ePayments Code: see
- CP 310 Review of ePayments Code: Scope of the review
- CP 341 Review of the ePayments Code: Further consultation (see 21-108MR)
- REP 718 Response to submissions on CP 341 Review of the ePayments Code: Further consultation
22-175MR ASIC helps credit providers protect victims of family violence: see No-action letter – Notifying joint account holders (family violence) (PDF 187 KB)
ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541
Responsible lending
Background
ASIC > Regulatory resources > Credit > Responsible lending
NOTE: On 25 September 2020, the Australian Government announced proposed reforms to the responsible lending obligations contained in Ch 3 of the National Credit Act. The proposed reforms will amend the obligations that apply before entry into a credit product or the provision of credit assistance. ASIC’s guidance relating to the current responsible lending obligations will be reviewed and updated when the proposed reforms are finalised.
RG 209 Credit licensing: Responsible lending conduct
REP 643 Response to submissions on CP 309 Update to RG 209: Credit licensing: Responsible lending conduct (see CP 309 and submissions; 19-342MR; and 19-163MR).
INFO 146 Responsible lending disclosure obligations: Overview for credit licensees and representatives
Advertising and sales
RG 234 Advertising financial products and services (including credit): Good practice guidance
REP 313 Response to submissions on CP 178 Advertising credit products and credit services
19-335MR ASIC to ban unfair cold call sales of direct life insurance and CCI: see ASIC Corporations (Life Risk Insurance and Consumer Credit Insurance) Instrument 2019/839 and RG 38
REP 640 Response to submissions on CP 317 Unsolicited telephone sales of direct life insurance and consumer credit insurance (see 19-180MR, CP 317 and submissions and REP 622)
ASIC's powers
This section contains:
Overview
RG 218 Licensing: Administrative action against persons engaging in credit activities
RG 263 Financial Services and Credit Panel (see 22-206MR)
INFO 109 Credit licensee offences: Prohibited dealings and unlawful authorisations
INFO 9 ASIC decisions: Your rights
INFO 250 Giving AFS and credit licensees information about their representatives (see news item)
INFO 273 FSCP decisions: Your rights (see 22-206MR)
Related information
ASIC > Regulatory Resources > Credit > Notices and offences
Home > Regulatory resources > Financial services > Financial advice > Financial Services and Credit Panel (FSCP)
ASIC's product intervention power
RG 272 Product intervention power: see 20-139MR
REP 661 Response to submissions on CP 313 Product intervention power
Related information
22-182MR ASIC makes product intervention orders for short term credit and continuing credit contracts (see Short term lending below)
CP 324 Product intervention: The sale of add-on financial products through caryard intermediaries: see 19-267MR and 20-179MR
Product design and distribution obligations
REP 754 Target market determinations for small amount credit contracts (see 22-352MR)
Related information
Regulatory index topic: Financial services - Financial products
Whistleblower policies
RG 270 Whistleblower policies (see 19-308MR and 19-372MR)
INFO 238 Whistleblower rights and protections (see 19-164MR)
INFO 239 How ASIC handles whistleblower reports (see 19-164MR)
INFO 246 Company auditor obligations under the whistleblower protection provisions (see News item 30/6/2020)
INFO 247 Company officer obligations under the whistleblower protection provisions (see News item 20/6/2020)
ASIC Corporations (Whistleblower Policies) Instrument 2019/1146
REP 635 Response to submissions on CP 321 Whistleblower policies (see CP 321 and submissions)
Dispute resolution
INFO 207 Disputes about commercial loans
Related information
Regulatory index topic: Financial services - Ongoing licensee obligations - Dispute resolution
Information on specific credit products
This section contains:
- Add-on insurance products
- Book up
- Buy now pay later
- Continuing credit contracts
- Consumer credit insurance
- Credit cards
- Debt management services
- Exchange traded instalment warrants
- Funeral financing
- Marketplace (peer-to-peer) lending
- Residential (Home) loans
- Reverse mortgages
- Short term lending
- Small amount lending and consumer leases
- Small business lending
Add-on insurance products
Related information
Regulatory index topic: Financial services: Financial products
Book up
INFO 129 National credit laws and book up: What you need to know
Buy now pay later
REP 672 Buy now pay later: An industry update (see 20-280MR)
Continuing credit contracts
ASIC Corporations (Product Intervention Order—Continuing Credit Contracts) Instrument 2022/648 (see 22-182MR)
CP 371 Product intervention orders: Short term credit facilities and continuing credit contracts (see 23-214MR)
Background
20-159MR ASIC consults on second product intervention order to stop continuing consumer harm
20-274MR ASIC seeks further feedback on the proposed intervention order for continuing credit contracts
21-341MR ASIC seeks feedback on proposed intervention orders for short term credit and continuing credit contracts
Consumer credit insurance
ASIC Corporations (Notification of Authorised Representatives) Instrument 2022/301 (see 22-146MR)
ASIC Corporations (Financial Services Guides) Instrument 2022/910 (see 22-327MR)
Credit cards
RG 201 Unsolicited credit cards and debit cards
REP 580 Credit card lending in Australia
REP 590 Response to submissions on CP 303 Credit cards: Responsible lending assessments
REP 604 Credit card lending in Australia—An update
ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753
Debt management services
INFO 254 Debt management services: Applying for a credit licence or variation (see 21-094MR)
Exchange-traded instalment warrants
ASIC Corporations (Margin Lending Relief for Exchange-Traded Instalment Warrants) Instrument 2021/194
Funeral financing
INFO 243 ASIC provides information on funeral expenses reform: see MR 20-076
Marketplace (peer-to-peer) lending
INFO 213 Marketplace lending (peer-to-peer lending) products
Residential (Home) loans
20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations: see ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
RG 273 Mortgage brokers: Best interests duty: see 20-146MR
REP 662 Response to submissions on CP 327 on mortgage brokers and the best interests duty: see CP 327 and submissions and 20-040MR
REP 628 Looking for a mortgage: Consumer experiences and expectations in getting a home loan
REP 516 Review of mortgage broker remuneration
REP 445 Review of interest-only home loans
REP 410 Review of 'low doc' home lending following the introduction of the responsible lending obligations
REP 300 Review of early termination fees for residential loans entered into before 1 July 2011
REP 271 Response to submissions on CP 165 Credit assistance for home loans
REP 262 Review of credit assistance providers' responsible lending conduct focusing on 'low doc' home loans
RG 220 Early termination fees for residential loans: Unconscionable fees and unfair contract terms
REP 216 Response to submissions on CP 135 Mortgage exit fees: Unconscionable fees and unfair contract terms
Reverse mortgages
INFO 185 Using ASIC's reverse mortgage calculator
REP 586 Review of reverse mortgage lending in Australia
ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200
Short term lending
ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2022/647 (see 22-182MR)
CP 371 Product intervention orders: Short term credit facilities and continuing credit contracts (see 23-214MR)
Background
19-177MR ASIC consults on proposal to intervene to stop consumer harm in short term credit
19-250MR ASIC makes product intervention order banning short term lending model to protect consumers from predatory lending
20-159MR ASIC consults on second product intervention order to stop continuing consumer harm
20-274MR ASIC seeks further feedback on the proposed intervention order for continuing credit contracts
21-341MR ASIC seeks feedback on proposed intervention orders for short term credit and continuing credit contracts
Small amount lending and consumer leases
REP 754 Target market determinations for small amount credit contracts (see 22-352MR)
REP 451 Book up in Indigenous communities in Australia: A national overview
REP 447 Cost of consumer leases for household goods
REP 426 Payday lenders and the new small amount lending provisions
REP 264 Review of micro lenders' responsible lending conduct and disclosure obligations
ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200
Small business lending
INFO 207 Disputes about commercial loans
INFO 211 Unfair contract term protections for small businesses
REP 565 Unfair contract terms and small business loans
ASIC Relief
This section contains:
Applying for relief
Relief applications now lodged through the ASIC Regulatory Portal
Related information
Home > About ASIC > Dealing with ASIC > Apply for relief > Changes to how you apply for relief
RG 51 Applications for relief
RG 208 How ASIC charges fees for credit relief applications
INFO 82 Apply for relief
REP 664 Overview of decisions on relief applications (October 2019 to March 2020): see 20-144MR
Background
Home > Regulatory resources > Find a document > Reports > Reports on relief applications
Exemptions and relief
Class Order [CO 14/41] Extension of transitional credit hardship provisions (see 21-339MR and 22-031MR)
ASIC Credit (Financial Counselling Agencies) Instrument 2017/793
ASIC Credit (Flexible Credit Cost Arrangements) Instrument 2017/780
ASIC Credit (Litigation Funding––Exclusion) Instrument 2020/37
ASIC Credit (Charities) Instrument 2017/64
ASIC Credit (Concept Validation Licensing Exemption) Instrument 2016/1176
ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 (see News Item 5/9/2023 and News Item 10/10/2023)
ASIC Corporations (Redraw Facility Transfer) Instrument 2022/599
Background
ASIC > Regulatory resources > Credit > Relief
Carried over instruments
INFO 110 Lenders with carried over instruments
ASIC Credit (Notice Requirements for Unlicensed Carried Over Instrument Lenders) Instrument 2020/834 (remade sunsetting CO 10/381 and CO 10/1230: see 20-170MR; 20-225MR; and CP 331 and submissions)
ASIC enforcement outcomes
Related information
Home > About ASIC > ASIC investigations and enforcement > ASIC enforcement outcomes
Transition and historical
RG 202 Credit registration and transition