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ARTICLE · 18 AUGUST 2021

Debt Management Licensing Amendments – Are you impacted?

Rostron Carlyle Rojas
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Debt management services now fall under the ambit of Credit Activity & are subject to a number of new compliance requirements.

AustraliaFinance and Banking
Paul Rojas
Paul Rojas
Ellen Nowland
Ellen Nowland
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On 1 July 2021, the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021 (Amendments) came into effect.

As a consequence of these Amendments, debt management services now fall under the ambit of 'credit activity' and will be subject to a number of new compliance requirements, including:

  1. an obligation to hold (and maintain) a credit licence which authorises specific debt management activities; or
  2. by 30 June 2021, had applied to the Australian Securities and Investment Commission (ASIC) for a credit licence (or a variation which encompasses their debt management services); and
  3. be a member of the Australian Financial Complaints Authority (AFCA).

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