Financial services in Australian Capital Territory

BNPL providers — credit licensing from 10 June 2025

BNPL captured by the NCCP Act as a regulated credit product from 10 June 2025.

Comply with AFSL general obligations (s 912A)

AFSL holders must do all things necessary to ensure financial services are provided efficiently, honestly and fairly.

Hold AFSL with derivative authorisations (margin lending + CFD + binary)

Issuers of OTC derivatives to retail clients face product intervention orders + tightened conditions.

Mortgage broker best interests duty

Brokers must act in the consumer's best interests when providing credit assistance.

Register a Managed Investment Scheme under Ch 5C

Schemes with 20+ retail members must be registered with ASIC as MIS.

Lodge a prospectus for offers requiring disclosure

Offers of securities to retail investors require a prospectus or OIS lodged with ASIC.

Best interests duty for financial advisers (s 961B-G)

Personal advisers must act in client's best interests + meet related obligations.

Small Amount Credit Contract + Consumer Lease caps (post-SACC reforms)

SACC + consumer lease fee caps + responsible lending tightened post-Royal Commission.

Design and Distribution Obligations (DDO) — RG 274

Issuers + distributors of retail financial products bound by DDO from 5 October 2021.

Provide FSG + Statement of Advice to retail clients

Financial Services Guide before service; Statement of Advice for personal advice.

Ban on conflicted remuneration (FOFA)

AFSL holders and representatives must not accept conflicted remuneration in connection with retail financial product advice.

Comply with NCCP responsible lending obligations

Credit licensees must not enter into credit contracts unsuitable for the consumer.

Comply with Design and Distribution Obligations (DDO)

Issuers and distributors of retail financial products must have a Target Market Determination (TMD) and distribute consistently with it.

Maintain adequate PI insurance (AFSL holders, RG 126)

AFSL holders providing financial services to retail clients must hold adequate professional indemnity insurance.

Report reportable situations to ASIC within 30 days (RG 78)

AFSL/ACL holders must report reportable situations within 30 calendar days of becoming aware.

Consumer Credit Hardship Notice (NCC ss 72-73)

Credit providers must respond to hardship notice + assess variation request.

Maintain AFCA membership (mandatory external dispute resolution)

AFSL + ACL holders must be members of AFCA — sole AU EDR scheme.

Comply with internal dispute resolution standards (RG 271)

Financial firms must acknowledge complaints within 24 hours and resolve within prescribed timeframes.

Authorise representatives correctly (Authorised Representative regime)

AFSL holders must authorise representatives in writing and notify ASIC of new ARs within 15 business days.

Display comparison rate on credit product advertising

Annual percentage + comparison rate must accompany credit product ads under NCCP Regulations.

Respond to hardship notices within statutory timeframe

Credit providers must consider hardship notices within 21 days under s 72 NCC.

AFSL representative training (RG 146)

Representatives advising on financial products to retail clients must meet RG 146 training standards.

Comply with ASIC product intervention orders

Issuers and distributors must observe any product intervention order made by ASIC.

Pre-2025 ban on unsolicited credit limit increase invitations

Credit card limit increase offers cannot be sent without prior written consent.

Provide a current Product Disclosure Statement (s 1013A)

Retail financial product issuers must provide a current PDS before issuing.