Section 47(1)(b) of the National Consumer Credit Protection (NCCP) Act 2009 requires all Australian Credit Licensees to have adequate measures in place to ensure clients are not disadvantaged as a result of conflicts of interest that may arise in the course of engaging in credit activities.
The purpose of this Conflict of Interest policy document is to describe the procedures and processes the business has implemented to ensure that it adequately manages conflicts of interest and complies with the requirements of the Act.
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.
QED CompliFast is an online compliance monitoring system that Australian credit licensees use to meet their NCCP compliance obligations. With different areas tested quarterly, QED CompliFast ensures adequate testing, documentation and recommended action plans for conflicts of interests.
