Firms providing debt management services need to apply to ASIC for a credit licence and become a member of AFCA by 30 June 2021.
ASIC (Australian Securities and Investments Commission) hasreleased an information sheet for providers of debt management services, explaining their new regulatory obligations, including the requirement to be licensed.
The release follows the making of new legislation prescribing certain debt management services as a credit activity for the purposes of the National Credit Act. The legislation was announced as part of a package of reforms to Australias consumer credit laws in September.
The reforms for providers of debt management services are meant to address high fees, the unlicensed offering of regulated ser…
Read the full article at: https://www.regulationasia.com/australia-to-require-debt-management-firms-to-be-licensed/
