Debt collection industry compliance
Updated: Mar 4, 2022
A communication was recently received from the Australian Competition & Consumer Commission (ACCC) following the running of their debt collection compliance campaign throughout 2021.
The campaign was designed to ensure compliance with Regulatory Guide 96 Debt Collection Guideline: For Collectors & Creditors and to:
raise debt collection issues reported to the ACCC, including issues affecting vulnerable consumers; and
proactively remind collectors and creditors of their obligations under the Australian Consumer Law (ACL) and outline best practice, including as set out in the Guideline.
The outcome of the review, which you can download below, makes reference to several already well known sections of the guidelines however it was noted that there now appears to be reference to notifying debtors of debt assignments and default listings and treating disputed debts as a complaint which would now fall under Regulatory Guide 271 Internal Dispute Resolution.
At LCollect, we welcome any review by the ACCC and have in place stringent policies and procedures that deal with the exact issues that have been noted by the ACCC in their communication. As our industry evolves we will continue to work hard to be at the forefront of these changes.
Image Source: fauxels