December 3rd, 2012
As the year draws to a close it is worthwhile noting that a lot of businesses were issued their Australian Credit Licences around this time 2010, which means that they’re coming up for renewal. If you haven’t already, you should be completing your Annual Compliance Certificate with ASIC and ensuring that it is lodged in time. Failure to do so by the due date is a breach of the law and significant penalties will apply.
If you are unsure of the due date for your ACL, it is always 45 days after the anniversary of the day that your ACL was issued.
Within the compliance certificate you will be asked to:
For those of you that are renewing in the early stages of 2013, why not use the holiday period to review the policies that you have in place to support your licence. Do a self-review of these policies and make sure that you are still adhering to them in your day to day course of business. Ensure that all of your relevant covers are current and you are aware of when they will be due for renewal, such as, COSL or FOS, PI insurance and industry body memberships.
You may find that your current policies need to be updated as your business model may have changed or you have made implementations that need to be formally documented. Alternatively you may find that you need to adjust your processes to ensure that you are complying with both your policies and ASIC.
As the year starts to wind down, now is a great time to look at your compliance processes and policy, and focus on the areas that need improving. From all of us in compliance we wish you all a very safe and Merry Christmas and that the New Year is a prosperous and compliant one.
As always should you have any questions or queries please feel free to email us at email@example.com
Brent & Denice
Compliance Support Managers