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Debt Collection Compliance


Below are links to everything you need to know about debt collection compliance in one convenient place:


Australian Privacy Principles

Contains the Australian Privacy Principles which must be adhered to by all companies.


ASIC Report - Collecting Statute-Barred Debts

Report 55 from the Australian Securities and Investments Commission attempts to clarify how each State and Territory in Australia regulate the collection of Statute-Barred debts. The PDF copy can be downloaded below for future reference.

ASIC Report - Collecting Statute Barred Debts ASIC Report - Collecting Statute Barred Debts (141 KB)

ACCC Research into the Australian Debt Collection Industry

Read the report from the ACCC which examines the debt collection industry. It's aim is to provide a greater insight and understanding of the industry.
The PDF copy can be downloaded below for future reference.

Research into the Australian Debt Collection Industry Research into the Australian Debt Collection Industry (1259 KB)


ACCC & ASIC's Guide to Debt Collection

Refer to Regulatory Guide 96 from the above link or below for the PDF copy. This guideline has been produced by the Australian Competition and Consumer Commission and the Australian Securities and Investments Commission.

 This guideline will help:

  • Collectors (including collection agencies, debt buy-out services, in house collections departments of businesses and government bodies, solicitors and others).
  • Creditors who use external collection agencies to collect debts or sell or assign debts to third parties to understand how the Commonwealth applies consumer protection laws.

Debt Collection Guidelines February 2016 Debt Collection Guidelines February 2016 (1093 KB)


Centrelink Code of Operation

Department of Human Services guidelines for debtors and financial institutions pertaining to overdrawn savings accounts.

 

Code of Banking Practice

The Code sets out the banking industry's key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their banking services. The Code applies to personal and small business bank customer

Competition and Consumer Act (Cth)

The code applies to just about every aspect of business including:

  • Advertising.
  • Price setting.
  • Consumer transactions.
  • Business transactions.

Credit Reporting Code of Conduct

The Code among other things requires credit providers and credit reporting agencies to:

  • Deal promptly with individual requests for access and amendment of personal credit information.
  • Ensure that only permitted and accurate information is included in an individual's credit information file.
  • Keep adequate records in regard to any disclosure of personal credit information.
  • Adopt specific procedures in settling credit reporting disputes.
  • Provide staff training on the requirements of the Privacy Act.

 

Credit and Investments Ombudsman (COSL)

An external dispute resolution provider. The Credit and Investments Ombudsman operates under Terms of reference which can be found on its website. 


Electronic Funds Transfer Code of Conduct

The EFT Code sets out rules and procedures to govern the relationship between users and account institutions in electronic funds transfers involving electronic access to accounts and rules for consumer stored value facilities and stored value transactions.

 

Financial Ombudsmen Service (FOS)

An external dispute resolution provider. The Financial Ombudsman Service operates under Terms of Reference which can be found on its website.


Financial Planners Code of Ethics and Rules of Professional Conduct

A Code of Ethics adhered to by Financial Planners Association of Australia including integrity, objectivity, competence and fairness.


MFAA Code of Practice

The Mortgage and Finance Association of Australian code of Practice provides professional standards that advocate ethical and fair business practices.


Mutual Banking Code of Practice

Provides 10 key promises that mutual members will deliver to always put their customers first.



National Consumer Credit Protection Act

The legislation surrounding Consumer Credit including requirements on the issue of Default Notices, Notices of Postponement, etc.

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