🇦🇺Australia

ACL Non-Compliance Fines

1 verified sources

Definition

Brokers performing credit report pulls without ACL expose themselves to severe penalties including fines and license revocation during ASIC audits.

Key Findings

  • Financial Impact: AUD 222,000+ civil penalty per contravention (up to 5,000 penalty units at AUD 313.78/unit); operational shutdown costs.
  • Frequency: Per audit or complaint
  • Root Cause: Manual verification of licensing status before credit pulls

Why This Matters

The Pitch: Loan brokers in Australia 🇦🇺 risk AUD 50,000+ fines per breach on credit checks. Automation of compliance verification eliminates this risk.

Affected Stakeholders

Brokers, Credit Representatives

Deep Analysis (Premium)

Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Responsible Lending Breach Penalties

AUD 2.22M maximum civil penalty per unsuitable credit contract (20,000 penalty units).

Best Interests Duty (BID) Violations

AUD 100,000+ typical penalties per breach; 20 hours CPD annually mandatory.

Record Keeping Audit Failures

AUD 50,000+ remediation and penalty costs per audit failure; 7-year retention requirement.

Broker Fee Disclosure Non-Compliance Penalties

AUD 2,210 - 50,000+ civil penalty per contravention; potential licence suspension leading to revenue loss.

Manual Disclosure Preparation Overhead

10-20 hours per loan application at AUD 100/hour = AUD 1,000-2,000 opportunity cost per deal

Lost Deals from Disclosure Delays

5-10% deal churn at AUD 5,000 avg broker commission per loan = AUD 250-500 lost revenue per 10 deals

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