ASIC have hired over 200 staff nationally to actively enforce compliance and Licensees that are found to be in breach of the requirements or to have misrepresented themselves to ASIC will face stiff penalties. 

Even without branching out into the other laws that a broker needs to comply with, or the other obligations that they need to comply with such as broker/aggregator/lender agreements, there are so many areas of the National Consumer Credit Protection Act that go way beyond the responsible lending obligations. 

Compliance is a management discipline that aims to ensure we comply with our obligations. A Compliance Program lays the foundations of our business identity and success in a fashion that complies with both the letter and spirit of the law. The program will need to be aligned with AS 19 600 As well as being a negative expression of who we are as a business, failure to meet our compliance obligations can have a range of consequences from customer complaints and loss of customers to fines and legal sanctions. 

Your risk management program is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against all your policies regularly, document the results and take action to fix any areas of non-compliance. 

Your Responsible Lending policy is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against this policy regularly, document the results and take action to fix any areas of non-compliance. 

The purpose of a financial resources policy is to ensure your business has adequate financial resources available to service its credit licence requirements. The Directors need to ensure financial risk management by maintaining sufficient financial resources to satisfy all financial requirements placed on the business. 

Your HR policy is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against this policy regularly, document the results and take action to fix any areas of non-compliance. 

Your Information Technology policy is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against this policy regularly, document the results and take action to fix any areas of non-compliance. 

Your complaints policy is one of the general conduct obligations for credit licensees. We understand that Brokers don't 'usually' receive complaints, as they complaint may be about the lender. However, if your client makes a complaint to you, you are required to log that complaint and to deal with it. 

Your outsourcing policy is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against this policy regularly, document the results and take action to fix any areas of non-compliance. 

Your credit supervision and training policy is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against this policy regularly, document the results and take action to fix any areas of non-compliance. 

Your Conflict of Interest policy is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against this policy regularly, document the results and take action to fix any areas of non-compliance. 

Each year Australian Credit Licence holders are required to lodge their Annual Compliance Certificate with ASIC - essentially your Licence renewal. This must be done within 45 days of the Licence anniversary date and most ACLs were granted between October and March.