What defines Credit Provider Staff?

Credit Provider Staff refer to employees of an Australian Financial Services Licence holder. They are also known as Collections Officers, Credit Officers and Asset Managers.

 

Financial institutions structure their asset management and credit collections teams differently but mostly operate in the same way. All financial institutions must follow stringent regulatory and legal compliance.

 

Credit provider staff in the context of training are considered by ASIC to be ‘authorised representatives’ for the ‘credit licensee’.

 

The day-to-day functions of credit provider staff vary depending on their specific job roles. When engaging the services of a mercantile agent, they must ensure that ‘less intrusive means’ to contact or negotiate favourable outcomes with their customers have been exhausted. Once a mercantile agent commences an action, there will be costs involved that the customer will invariably be liable to pay. Therefore, the appointment of a mercantile agent should be only as a final remedy.

 

Credit Provider Staff core functions:

  • Ensuring instructions to a mercantile agency meet legal, regulatory and Service Legal Agreement (SLA) compliance;

  • Allocating instructions to the appropriate mercantile agency;

  • Requesting agent field reports, progress updates, condition reports, photographs and video.

  • Ensuring agency costs fall under SLA guidelines;

  • Relaying telephone and written communications between their customers and the assigned mercantile agency;

  • Directing agent activity;

Credit Provider Staff

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  • Recording the receipt of monies and notifying the designated agency promptly of the occurrence.

  • Ensuring legal (default) notices are valid;

  • Identifying and considering customer financial hardship and trigger statements;

  • Applying variations to loan agreements;

  • Reviewing payment arrangements;

  • Liaising with company lawyers, insolvency trustees and financial counsellors;

  • Instructing auction facilities and related service providers;

  • Reporting on and achieving Key Performance Indicators (KPIs);

  • Complying with Anti Money Laundering (AML) legislation and fraud prevention awareness and;

  • Ensuring process serving documents (delivering of court papers) are carried out, and mercantile agent affidavits are correct and valid.

Credit Provider Managers core functions:

  • All previous points plus;

  • Performing mercantile agency audits;

  • Complaint handling, dispute resolution, litigation, and liaising with internal and external dispute resolution providers.

 

Standards and Ethics

Credit Provider Staff must possess a high standard of ethical and professional standards. Visit the Institute of Mercantile Agents (IMA) for more on this subject. Visit IMA

Credit Provider Staff do they need training every year?

Depending on the role performed by the staff member will determine the amount and level of training required under ASIC Regulatory Guide 206.

 

Most financial institutions will have an internal Training Officer who works closely with their legal and compliance department — delivering specific training modules to fit their companies policies and procedures.

 

Credit provider staff may be required to guide and instruct their mercantile agents on the topics contained in our training courses. We recommend they should possess content knowledge and certification on the same course. The objective being ‘continuity and uniformity.’

 

For more on who should complete annual compliance training. Visit our Mercantile Agent's page. Why do mercantile agents and their assistants need to be trained every year? 

 

​Compliance Checklist

Consider these points:

  • Ensure mercantile agents and agencies are adequately licenced and insured.

  • Ensure that your agents and service providers have a secure office environment and data protection protocols.

  • The completion of annual compliance training for agents and staff (ASIC - federal requirement). Contact Us

  • Other compliance items as required by your Service Level Agreement (SLA).

  • Recommendation – Become a member of the Institute of Mercantile Agents (IMA). Established in 1961, they represent collectors, investigators, process servers and repossession agents throughout Australia. Their annual conferences present key speakers and excellent networking opportunities. Visit IMA

Why Beebox Training for your annual compliance training?

  • Mercantile agent, credit collection and repossession training - is our core business.

  • Course authors and mentors have over 30 years of repossession, debt collection and investigative experience in the finance and mercantile agency sectors.

  • Known and proven in the industry.

  • We maintain and provide access to live training registers. Subject to client approval.

  • Annual audit assistance.

  • Our certificate of annual compliance - accepted by all the leading credit providers and mercantile agencies in Australia. One course, one certificate, once a year – multiple possibilities.

  • Share your ideas on new course content based on the current trends.

What other benefits can I expect?

  • We consult with key personnel in the industry, including legal advisors, educational professionals and IT consultants, to keep up with industry demands and expectations.

  • Our training is ‘niche market’ and explicitly tailored to the mercantile and repossessions industry.

  • We grade the long answers manually and give personal feedback to your students.

  • We provide over the phone coaching on course content and answer over 100 queries each year based on real-life scenarios. All free of charge but subject to some limitations.

  • Discounts apply for multiple enrolments from the same company.

  • We guarantee that you will learn something new every year.

  • We can bulk-issue your student’s certificates of annual compliance. Simply copy and paste them into your audit training folder.

  • Compliance badge – can be used with email signature.

  • It’s tax-deductible.

  • Potential public liability and professional indemnity insurance discounts, as part of your commitment to risk mitigation. Speak to your insurer. 

 

Visit our course page​ for more on this year's The Combined Acts & Professional Practices course.

 
 
 
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