Overview
RG 205 provides detailed guidance to credit licensees, applicants, and unlicensed COI lenders on meeting their general conduct obligations under Section 47(1) of the National Credit Act. It explains how ASIC assesses compliance and highlights obligations such as engaging in honest and fair practices, maintaining adequate resources, and ensuring responsible lending practices. Some obligations are covered in separate regulatory guides, referenced in the document. This guide helps entities understand compliance requirements and navigate regulatory oversight more effectively.