Credit Representative Training

ASIC RG206

Credit Providers must ensure that their lenders and brokers are trained and qualified and have annual continuing professional development (CPD) in accordance with ASIC Regulatory Guide (RG) 206. The following College programs have been specifically developed to address ASIC RG 206 Credit licence requirements. Existing Credit Licensee clients have been relying on this training and the provided certifications to meet their licencing and audit needs, and have accessed state funding opportunities to reduce their costs.

See below for a detailed explanation of the ASIC RG 206 requirements and relevant clauses.

Solutions for Credit Representative Training RG206

  • ASIC RG206 Table 2 Requirements Addressed in Qualifications

    Enrol your Credit Representatives in our Credit Management or Broking qualifications. All of these College qualifications address the ASIC RG 206 Table 2 content requirements. Your selection might be influenced by availability of funded training options in your state.

  • What Qualification for Staff that Perform Credit or Broking Responsibilities

    Staff that offer Broking Services: Certificate IV in Finance and Mortgage Broking or a combined qualification

    Staff that Offer Your Loan Products: Select one from the following, noting some qualifications may be funded in some states, or request a combined qualification: Certificate IV in Credit Management; or Certificate IV in Finance and Mortgage Broking; or Certificate IV in Financial Services with credit subjects.

  • Just After CPD Ongoing Training to Meet RG206

    Once your Credit Representatives have met the ASIC RG 206 qualification requirements ensure they meet their CPD requirements with clear documented evidence provided by the College through a Statement of CPD Participation by enrolment in: RG 206 20 HR CPD or if staff are restricted to non-home loans - a RG 206 10 HR CPD program is possible.

Frequently Asked Questions about Credit Representative Training Obligations

  • What are the ASIC RG206 Training Requirements for Home Loan Credit Representatives

    Home Loan Credit Representatives Training requirements are: 

    • A relevant “credit industry” Certificate IV qualification:
    • that addresses ASIC RG 206 Table 2 content - (RG 206.21 b) including Dealing appropriately with consumers; Types of home loan products and their characteristics; and economic and market context. (RG 206 Table 2)
    • and 20 hours of CPD a year (RG 206.21 a and b)
  • What Specific Qualifications Do Brokers Need?

    Brokers (third party home loan credit assistance) must have Certificate IV in Mortgage Broking (RG 206.21 a) 
    and 20 hours of CPD a year (RG 206.21 a and b)

  • What Training Must Personal Lenders Have under RG206

    Other Credit Representatives require: 

    1. Training appropriate to the representative’s role and industry sector. (RG 206. Table 1)
    and 
    2. Between 10 and 30 hours of CPD a year (RG 206.Table 1)
    So a minimum of 10 hrs CPD (RG 206.88)

  • What are the CPD or Ongoing Training Obligations Under RG206

    Between 10 and 30 hours of CPD a year (RG206.Table 1)
    So a minimum of 10 hrs CPD (RG206.88)

    20 hrs CPD for Responsible Managers and Home Loan Credit Representatives.

  • RG206 CPD Terms and Conditions

    CPDRG206 Program Terms and Conditions

     

    General Terms and Conditions - CPD Enrolment

     

    1. Overview of CPD Program 206

    a) The CPD Program will make available up to 10 CPD Modules over a 12 month enrolment period.

    b) The CPD Modules are available on-line and are completed online.

    c) Each CPD module will state the expected CPD Nominal Hours required for completion.

    d) A CPD Statement of Participation, that summarises the modules completed within any enrolment period and the CPD nominal hours, will be available for each student at the end of the enrolment period.

    e) Enrolment into the CPD Program must be by on-line submission of this Electronic Enrolment Form. Paper based Enrolment Forms will attract an additional $50 processing fee.

    2. College Services Delivered

    a) CPD enrolment is 'on-line delivery'. After Enrolment and payment the student will be emailed logon details to Webclass to allow them to start their CPD program.

    b) All required learning materials are provided on-line and are free of charge.

    c) One CPD Module will be released approximately every 4 - 6 weeks.

    d) Students will be allowed multiple attempts to successfully complete the CPD quizzes.

    e) CPD Enrolment is for one calendar year. Continued access to the CPD Program is subject to payment of a further annual enrolment fee.

    f) At the completion of the Enrolment year students will be provided a CPD Statement of Participation that summarises the modules completed within the enrolment period and the CPD nominal hours free of charge.

    g) The College can re-issue Statements of CPD Participation upon application and payment of the Re-issue Document Fee.

    3. Student and Employer Obligations

    a) The Student and their Employer should satisfy themselves that completion of any or all CPD Modules will adequately address their specific Professional Development needs in conjunction with other professional development activities undertaken (if any).

    b) The Student and/or Employer should immediately raise any concerns they may have about the delivery of the program to the College. This can be done by phone or email.

    c) Students or Employers can contact the College to request additional services and a quotation for those additional services.

    4. Electronic Signatures

    a) In accordance with the Electronic Transactions Act the College will accept electronic signatures from Employers and Students where indicated on its forms.

    b) Employers and Students, where providing an electronic signature and/or submitting forms under electronic signature, acknowledge that they are entering into a legally binding agreement as if they have personally signed that document.

    c) If determined as necessary in the circumstances, the College will seek confirmation of an electronic signature by, for example, sending a confirmation email of the document receipt to the sender.

    d) The College reserves the right to request a document that has been completed under electronic signature to be completed with a personal signature.

    5. Enrolment Fees and Payment Terms

    a) Enrolment Fees are payable prior to or at the time of enrolment. The quoted fee per student is GST inclusive, for an enrolment period of 12 months. Where no client specific fee is quoted, the Fee as outlined in the College Fee Schedule will apply.

    b) Student on-line access and Statements of Participation will be withheld until all outstanding amounts are paid.

    c) CPD Enrolment Fees are not refundable, even if the student changes job role or resigns from employment.

    d) The Enrolment Fee is not transferrable to a new student.

    6. Delivery and Assessment Strategy

    a) This program is delivered online.

    b) This program does not equate to a unit of competency and so will not result in the award of a Statement of Attainment.

    7. Copyright and Intellectual Property

    a. All materials are copyright of Australian College of Commerce and Management Pty Ltd. All rights are reserved.

    b.  The Student and Employer acknowledges that any unauthorised use, reproduction or disclosure of the CPD course content may cause loss, damage or expense to the College.

    8. Not Advice Disclaimer

    The information or materials provided under this program are provided for educational or training purposes only. They do not constitute financial or other advice and cannot be relied on for providing advice. Licencees under an ACL or AFS Licence must satisfy themselves that their chosen activitied, including this course, meet their licence obligations.

    9. CPD Program Technical Specifications

    CPDRG206 runs on the College internet platform Webclass. It is recommended that Clients safe list this website URL to ensure staff access and functionality.

    Webclass use requires:

    • A contemporary browser e.g. Internet Explore v7 and above; Google Chrome; Firefox
    • Javascript enabled
    • PDF reader (which may require a browser add-on)

     

  • Credit Licensee Obligations under NCA s47(1) (f)

    The National Credit Act s47(1)(f) specifies that Credit Licensees must ensure that their representatives are adequately trained and competent to engage in the credit activities authorised by their licence: s47(1)(g).

    What you need to do to comply will depend on the nature, scale and complexity of your business. However, ASIC Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence. This includes expected qualification levels based on job roles as summarised in Table 1 and also ongoing CPD obligations listed in Table 1, including specific content listed in Table 2.

    ASIC generally expect Licensees to determine what is appropriate initial and ongoing training for their representatives and to embed this in their recruitment and training systems.

  • ASIC RG206 Table 2 Content

    ASIC RG206.81 specifies:

    "Representatives who only provide home loan credit assistance in relation to credit products offered by their own credit licensee may complete training in the form determined appropriate by the licensee. However, this training should allow the representative to apply the knowledge specified in Table 2.

    Additionally, it should also cover all other areas appropriate to the representative’s role to ensure they are fully trained to undertake all of the credit activities in which they engage."

    Table 2 requirements are listed below; with details of the relevant CPD subjects that address these requirements:

    Table 2 Heading

    Table 2 Requirement

    CPD 2017 Subject

    How addressed

    1 Dealing appropriately with consumers

     

    Ability to gather relevant information about a consumer’s situation as needed, including their relevant personal and financial situation.

    1. Responsible Lending Practice

    Section 2 Reasonable Inquiries

     

    Section 4 Reasonable Steps to Verify Financial Situation

     

    Section 5. Specific Considerations about Income Sources

     

     

    Ability to establish and address consumers’ priorities and concerns.

    1. Responsible Lending Practice

    Section 3 What are Reasonable Inquiries

    2 Types of home loan products and their characteristics

    Broad knowledge about the range of home loan products available in the lending industry, and their characteristics.

    3. Credit Act and Home Loans

    Section 1. What’s New with Home Loans

     

    Section 2. Home Loans and Their Characteristics

     

    Section 4. Other Types of Mortgage Products

     

    General understanding of the loan process, loan features, and fees, charges and commissions.

    3. Credit Act and Home Loans

    Section 2. Home Loans and Their Characteristics

     

    Section 3. First Home Owners Grant

    3 Economic and market context

    Knowledge of relevant economic environment, including the business cycle and market factors, and inflation.

    2. Economic Outlook

    Section 1 Economic Snapshot

     

    Section 2 Economic Growth and Business Cycles

     

    Section 3 Inflation and CPI

     

     

     

    Basic financial and accounting concepts directly relating to home loans, including interest rates.

    2. Economic Outlook

    Section 4 Interest Rates

     

    Section 6 Household Savings and Debt Levels

     

    Real estate terms and concepts (e.g. land titles).

    3. Credit Act and Home Loans

    Section 2. Home Loans and Their Characteristics

     Note it is the Licensees legal obligation to satisfy themselves that these requirements are adequately addressed having regard to the experience and attributes of their representatives.

Why ACCM for ASIC Licencing Training

  • Expertise in ASIC Obligations

    Work with professionals who know your industry and the RG requirements. Obtain certification from an independent nationally recognised Registered Training Organisation and meet record keeping requirements.

    Our finance team are pro-active in staying up to date with regulatory changes and industry compliance needs. We even go as far as referencing the ASIC Regulatory Guide requirements in each of the finance licencing courses we offer – so that you can also understand the exact requirements.

  • Long History with Finance Licencing

    ACCM was one of the first RTOs to be authorised on the ASIC Training Register to deliver finance licencing courses and Tier 2 after the introduction of the Financial Services Reform Act 2001 (FSR Act). We have therefore amassed years of experience and expertise in addressing ASIC Regulatory Guide requirements.

  • 20 Years of Quality and Compliance

    ACCM has been around for a long time – being one of the first private RTOs approved in Australia. Our long term clients also show a history of client satisfaction second to none.

    We also have long term contracts across many states allowing us to access subsidised training to reduce the financial burden on clients.

  • Largest Provider in Financial Services

    ACCM is the largest provider of traineeships in Certificate III in Financial Services in NSW – by a country mile. Our expertise in finance means that your new staff are able to be offered quality accredited training which can improve productivity as well as meet Tier 2 and compliance obligations.

    We also have long term contracts across many states allowing us to access subsidised training to reduce the financial burden on clients.

Why Employers Choose ACCM

  • Customised Training Development

    ACCM has a long history of working with employers to develop a customised training program that meets training needs and maximises access to subsidised training opportunities.

    Talk to us about your needs and priorities, and your ideal training program.

  • Government Funded Training Contracts

    ACCM is a national provider and has long term contracts across states and territories that support employers with subsidised training options. Let us work our way through the rules and regulations and deliver to you the best outcome.

Important Disclaimer

Please note that The College is not able to offer legal advice on what your compliance needs are. This information is provided to assist and should not solely be relied upon when determining how to meet your Australian Financial Services Licence obligations.