In what has been a long time coming, NSW Fair Trading has announced changes to the debt collection industry from 1 July 2022.
From 1 July 2022, regulation of the commercial agent industry will move to NSW Fair Trading and will be required to abide by the new requirements and a standard of conduct. Private inquiry agents will still be regulated by NSW Police however with the introduction of the changes, only commercial agents who have face-to-face contact with consumers will be required to hold a licence.
The introduction of the standard of conduct appears to be in line with the ACCC Debt Collection Guideline for Collectors and Creditors with commercial agents required to:
With the introduction of the Fair Trading Amendment (Commercial Agents) Act anyone will be able to make a complaint about a commercial agent or their employer on the NSW Fair Trading website.
You can read more about the changes on the NSW Fair Trading website.
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