National Credit Code Training Suite – Australia

Product Description

A suite of four courses for customer-facing staff and specialist staff and their managers covering the forming, managing, and enforcing of consumer loans in Australia, along with the relevant licensing requirements applying to businesses offering consumer loans.

Are you complying with the credit legislation?

The National Consumer Credit laws, along with regulator guides and requirements, regulate all aspects of consumer lending in Australia. Lenders are responsible to ensure staff are adequately trained. This training aims to assist with initial and ongoing training requirements.

Businesses that offer loans to consumers, including credit cards, need to ensure that

  • Their loans documents, advertising etc comply with the regulations – even down to details such as the size of print on regulated documents
  • Their processes, including processes for the forming, management and enforcing of consumer loans, strictly comply with the regulations
  • Their staff – all customer-facing staff, loans staff, enforcement staff and their managers – are properly trained with their training kept current

There are strict requirements around the annual training that lending staff must undergo

This training suite is designed to assist lending institutions be comfortable that their staff are properly trained to ensure the business remains compliant with the law.

The courses cover not only the relevant requirements of the NCC laws, but also integrate the requirements of other laws at appropriate points. They aim to help lenders equip staff with vital understanding of how the different laws work together in this area.

Regulator guidance is also integrated into the training to provide more details about how to apply the law in day-to-day operations.

Streamline your compliance training with job-role-specific training

The individual courses – and in some cases the individual modules within a course – will be relevant to different staff within an organisation, and to different lending organisations, depending on the nature of their business.

Discuss with our team how you can tailor the training to suit your specific business needs.

The contents of the Training Suite
Course One: National Consumer Credit Training – Australia

Essential training on one of the key functions of your business

Module 1: Consumer credit licensing

10 minutes

  • The credit licence
  • Licensing obligations

Module 2: Consumer credit regulation

10 minutes

  • Sources of consumer lending regulation
  • ASIC’s role as regulator
  • Consequences of non-compliance

Module 3: Which loans are regulated?

8 minutes

  • The two tests that must be satisfied for a loan to be regulated by the National Credit Code

Module 4: Co-borrowers

10 minutes

  • Co-borrowers –joint accounts
  • Vulnerable co-borrowers – setting up the loan
  • Limiting further co-borrower liability

Module 5: Co-borrower or guarantor?

8 minutes

  • The ‘substantial benefit’ test

Module 6: Consumer Credit Loan Types

30 minutes

  • Types of loans
  • Interest rates
  • Fees and charges
  • Loan features
  • Types of home loans
  • Options for personal loans
  • DDOs and TMDs

Module 7: Responsible Lending Obligations (RLO)

30 minutes

  • Introduction to Responsible Lending Obligations
  • RLO Step One: Reasonable inquiries about requirements and objectives
  • RLO Step Two: Reasonable inquiries about financial situation
  • RLO Step Three: Reasonable steps to verify financial situation
  • Step Four: Making the suitability assessment
  • Step Five – Record keeping

Module 8: Forming a credit contract

15 minutes

  • Forming – sales activities
  • Pre-contractual disclosures
  • Forming – Checking borrower understanding and free choice

Module 9: Guarantees

30 minutes

  • The legal framework for guarantees
  • Pre-contractual disclosures to guarantor
  • Ensure guarantor understanding and free choice
  • Execution of the guarantee
  • Loans in trouble: guarantees

Module 10: Consumer mortgages

20 minutes

  • How a mortgage works
  • Registering a mortgage
  • What can a mortgage secure?
  • Taking a mortgage

Module 11: Credit-related insurance

10 minutes

  • Mortgaged property insurance (MPI)
  • Lender’s mortgage insurance (LMI)
Course 2: Home Loans – the Economic and Market Context – Australia

Required training topic for credit representatives providing home loan assistance

Module 1: Home Loans – the economic and market context 

20 minutes

  • Role of ASIC and APRA in relation to home lending.
  • The effects of inflation on home loans.
  • The different stages of the business cycle that impact home loans.
  • Effects of changes in home loan interest rates.
Course 3: National Credit Code Training – Loans in Trouble – Australia

It is crucial that staff handling loans in trouble understand the relevant rules and follow them precisely

Module 1: Loans in Trouble

15 mins

  • The ways in which problem loans can be dealt with in the early stages
  • The financial hardship assistance process
  • The common steps taken to recover an unpaid loan

Module 2: Debt Collection Practices

15 mins

  • The legal framework for debt collection
  • The rules for making contact with the borrower
  • The appropriate ways of communicating with the borrower

Module 3: Handling Financial Hardship Assistance Applications

15 mins

  • The procedures for opening a financial hardship assistance application
  • How to evaluate a financial hardship application
  • Generating effective assistance options in a financial hardship case
Course 4: Credit Card Training for Credit Staff – Australia

Essential training on responsible lending and procedural obligations

Credit Card Training for Credit Staff 

15 minutes

  • The information in the Credit Card Key Facts Sheet that helps a customer choose the correct credit card.
  • The special ‘Responsible Lending’ rules that apply for credit cards.
  • The measures that help a customer better manage their credit card.

 

Who should do this training?

The course is suitable for customer-facing staff, loans staff, enforcement and collections staff, and their managers in institutions that offer consumer loans in Australia.

Streamline your compliance training

Note that the course is modularised to assist you in streamlining your compliance training. Different modules will be relevant to different staff. Managers and L&D staff need to consult on which modules need to be assigned to staff in different sections of their business. This will vary from business to business, as most financial institutions arrange staff responsibilities in different ways.

GRC Solutions staff are available to offer advice and suggestions to help with this process.

Related Training

GRC Solutions offers Credit News – a magazine-style product, with a quiz, published ten times a year and intended to assist lending businesses comply with ASIC’s training requirements for loans staff in Regulatory Guide 206.98.

For more information on Credit News, click here.

Course Outline

Course 1: National Consumer Credit Training – Australia

  • Module 1: Consumer credit licensing
  • Module 2: Consumer credit regulation
  • Module 3: Which loans are regulated?
  • Module 4: Co-borrowers
  • Module 5: Co-borrower or guarantor?
  • Module 6: Consumer Credit Loan Types
  • Module 7: Responsible Lending Obligations (RLO)
  • Module 8: Forming a credit contract
  • Module 9: Guarantees
  • Module 10: Consumer mortgages
  • Module 11: Credit-related insurance

Course 2: Home Loans – the Economic and Market Context – Australia

Course 3: National Credit Code Training – Loans in Trouble – Australia

  • Module 1: Loans in Trouble
  • Module 2: Debt Collection Practices
  • Module 3: Handling Financial Hardship Assistance Applications

Course 4: Credit Card Training for Credit Staff – Australia

Customise Course

Do you have a policy or process, or some subject-matter expertise that you would like to add to this course?
Talk to us about ways we can quickly tailor the course to suit your needs.

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