If you are both a credit licensee under the National Credit Act and an Australian financial services (AFS) licensee under the Corporations Act 2001 then it may be possible for you to avoid duplicating processes when complying with both laws.

If you are both a credit licensee and an AFS licensee (a “dual licensee”), you are subject to conduct obligations under both licences.

For example, you must comply with the general conduct obligations in both s47 of the National Credit Act and s912A of the Corporations Act.

You do not need to have separate compliance plans. You can develop a single plan that covers your compliance obligations under both laws including conflict management, training and supervising representatives, dispute resolution and compensation.

But where there are differences (eg the obligations relating to conflicts of interest) you need to provide for both.

In respect of specific conduct obligations, you need to deal with the separate laws relating to preparing advice and suggestions.

A dual licensee is also subject to disclosure obligations.

A dual licensee may provide a single document covering all of the information relating to your financial and credit services: reg 7.7.08B of the Corporations Regulations 2010 (No 4) (from 1 January 2011).

If the same information is required in both the FSG and the credit guide, you only need to include it once in the single document.

If you wish to combine other documents or disclosures in a single document, you should ensure that the document contains all of the required content, and that each component is easily distinguishable from the other.

Bright Law can check these for you or help you draft them.

ASIC’s Information Sheet 134 provides more information.

As of Monday, 13 September, 200 licences have been issued by ASIC. It has received 703 applications.

If you registered with ASIC before 30 June, you have until 31 December 2010 to apply for a licence.