On 29 April 2021, the Governor-General of Australia made the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021 requiring debt management firms that are paid to represent consumers on matters related to credit activities to hold an Australian Credit Licence (ACL).
A Regulation Impact Statement (RIS) was prepared and certified by the Department of the Treasury (the Treasury), which was assessed by the Office of Best Practice Regulation (OBPR) as adequate.
The RIS estimates the average annual regulatory costs at $43.4 million, with no regulatory offset identified.
Please note: any accessibility enquiries should be directed to the Treasury.
OIA assessment of the Impact Analysis
Insufficient
Adequate
Good practice
Exemplary