ASIC has warned debt management firms, who are now require to hold an ACL, that it is closely monitoring compliance with new laws and will take action when necessary.
From 1 July 2021, debt management service providers (including firms offering debt negotiation or credit repair services) are regulated under the National Consumer Credit Protection Act 2009 (National Credit Act).
This has formed a part of the federal governments plans to overhaul responsible lending obligation laws, with the reforms aimed at protecting consumers from the predatory practices of debt management firms by requiring them to hold an Australian Credit Licence (ACL) when they are paid to represent consumers in disputes with financial institutions.
The new laws m…
Read the full article at: https://www.theadviser.com.au/breaking-news/41758-debt-management-acl-regime-begins
