Running a business is not that simple. There are important things that should be taken into consideration. In Australia, the government has established a government body to make sure businesses are well regulated. There are regulatory authorities for business as well as for the exchange market. They demand strict compliance with the different regulations that require each business must cooperate.
Recent news from The Adviser, ASIC had shed light on the upcoming RG 209 guidance. This aims to determine the changes and additions to the guidance that can be of help to the holders of an Australian credit license in order to understand ASIC’s expectations for complying with the responsible lending obligations.
The ASIC (Australian Securities and Investments Commission) is accountable for governing the laws that are under investments, life and general insurance, banking, and finance. It is Australia’s corporate governing body for implementing laws for organizations or companies and financial institutions such as banks, mortgage brokers, finance brokers, and credit unions.
Their purpose is to prevent fraud and unfair practices for the welfare of the consumers. Making sure businesses are operating properly according to the rules of law.
The ASIC made a ruling for financial institutions that monitor organizations to provide financial services. It is to make sure their operations are in line with honesty, integrity, and just through the Australian financial services licensing system. The ASIC stores information of the Australian financial services licenses and with their authorized representatives. It is also their responsibility to supervise the financial market operators and clearing operators.
In business, compliance of the law is very important as it forms a part of your organization’s duties concerning society while establishing trust.
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.