Every major ASIC obligation for Australian finance and mortgage brokers, in plain English — and exactly how Oxcel's framework, training and technology keep you compliant on every file.
Ethical, compliant lending isn't red tape — it's what keeps your authorisation, your lender accreditations and your trail book safe. Get it right and it becomes a competitive advantage: clients trust you, lenders prioritise you, and regulators leave you alone.
General information only, aligned to the ASIC regulatory guides that govern credit assistance. Always confirm current requirements at asic.gov.au or with your own advisers.
Engaging in credit activities — including providing credit assistance as a broker — requires an Australian Credit Licence or appointment as a credit representative of a licensee, registered with ASIC. Licensees and their representatives must meet ASIC's fit-and-proper-person requirements: qualifications, police and bankruptcy checks, and organisational competence.
You operate under Oxcel Pty Ltd's Australian Credit Licence 547719. We manage your credit representative appointment and ASIC registration end-to-end, run the required background checks during onboarding, and keep your authorisation current — so you can write loans without carrying the licensing overhead yourself.
Before providing credit assistance to a consumer you must make reasonable inquiries about their requirements, objectives and financial situation, take reasonable steps to verify that information, and assess that the proposed credit contract is "not unsuitable". Your file must evidence each step.
Responsible lending is built into the Oxcel CRM: the guided fact find captures inquiries, automated bank-statement retrieval provides verification evidence, and the serviceability engine documents the not-unsuitable assessment — so a compliant file is the default output of your normal workflow, not extra work at the end.
Mortgage brokers must act in the best interests of the consumer when providing credit assistance for home loans and, where a conflict arises, prioritise the consumer's interests. In practice: consider a reasonable range of products, be able to show why the recommended loan is in the client's best interests, and never let remuneration drive the recommendation (conflicted remuneration is banned).
BID workflows are embedded in the platform — product comparison records, "why this loan" rationale capture and a conflicts register are generated as you work. Our file audits check BID evidence before ASIC or a lender ever asks, and our training program drills the duty with real scenarios.
Licensees must act efficiently, honestly and fairly, adequately supervise and train their representatives, maintain compliance arrangements, and report reportable situations (significant breaches) to ASIC within required timeframes.
Our supervision framework does the licensee heavy-lifting: pre-settlement reviews for new brokers, risk-based file audits for experienced ones, incident and breach-reporting procedures managed by our compliance team, and constructive feedback that fixes issues before they become reportable.
When a mortgage broker moves between licensees, the recruiting licensee must request — and the former licensee must give — a reference covering compliance and conduct history, in the form prescribed by the ASIC Reference Checking and Information Sharing Protocol.
We run protocol-compliant reference checks during onboarding and respond to them properly when brokers move on — no games, no obstruction. A clean, well-documented history at Oxcel is an asset you carry for your whole career.
Licensees must operate internal dispute resolution meeting RG 271 standards — acknowledgment within 24 hours, written IDR responses generally within 30 days — and hold membership of the Australian Financial Complaints Authority (AFCA) for external escalation. Credit representatives must also be AFCA members.
Our compliance team runs the IDR process with you — acknowledgment, investigation and response within RG 271 timeframes — and manages AFCA matters if a complaint escalates. Onboarding includes setting up your own AFCA membership (licensee 100702), and PI cover responds where relevant.
Licensees must ensure representatives are adequately trained and competent: Certificate IV in Finance and Mortgage Broking as the industry baseline (Diploma for mortgage writers), plus 20–30+ hours of continuing professional development each year depending on your industry body, and mentoring for new brokers.
New-to-industry members get a complimentary 2-year mentoring program (MFAA/FBAA compliant) and 2 years of structured compliance and credit training. Our CPD-accredited sessions run year-round and your hours are logged automatically against association requirements — no spreadsheet chasing in June.
Brokers participate in customer identification and verification (KYC/VOI) under the Anti-Money Laundering and Counter-Terrorism Financing regime, must hold current AML/CTF awareness training (certificates no more than 2 years old), and must recognise and escalate suspicious matters.
Electronic VOI tools are built into the platform, our onboarding checklist keeps your AML certificate current, and refresher training is part of the CPD calendar — with a compliance desk to call the moment something feels off about a deal.
Brokers collect highly sensitive financial information and must comply with the Australian Privacy Principles and Part IIIA credit reporting rules: proper consents before accessing credit reports, secure storage, permitted use and disclosure only, breach notification, and retention of loan files (commonly 7 years).
Compliant privacy consents and credit-reporting disclosures are generated within the CRM before you can order a report; files are stored encrypted with role-based access and automatic retention; and our incident procedures cover notifiable data breach obligations so you're never navigating one alone.
All promotional material must be accurate and not misleading or deceptive — including comparison rate warnings where rates are advertised, clear credit representative disclosure ("credit representative of…"), realistic income or savings claims, and genuine testimonials only.
Our marketing template library is pre-approved for RG 234 compliance, and our team reviews your customer-facing material — websites, socials, flyers — before it goes live, including the credit representative disclosures required on everything you publish.
Operate under ACL 547719 with audits, training, tools and a live compliance desk behind every file you write — from home or anywhere in Australia.
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