As the economy moves to reopen, clients will be keen to collect debts that have accrued during the lockdown. So, it is timely for recovery professionals to revisit ASIC’s Regulatory Guide 96 The debt collection guideline: for collectors and creditors, which was recently updated. As many will recall, the Guide was jointly produced by the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC). The rules have been well received by our industry and are an important point of reference for those – particularly clients – who might need a reminder about just what can and cannot be done as we go about the business of collections and contributing to the economic recovery.
As members of AICR, we adhere to a Code of Conduct that takes note of the regulatory guide. I remind all our members of our industry’s commitment to ethical behaviour, not just because it is the right way to behave, but because it is important to ensure compliance with regulations. We can do that by staying true to our core values to act with fairness and compassion and by being reasonable and ethical.
“As we come out of lockdown, I thank all our members who have acted with kindness, consideration, and restraint during this pandemic.”
While the guide strictly prohibits undue harassment, coercion, and misleading and deceptive conduct, it also provides practical examples of expected behaviours and conduct. The guide can be found here:
I know my clients have always appreciated a phone call with an explanation about the guidelines, maybe your clients will too.
As we come out of lockdown, I thank all our members who have acted with kindness, consideration, and restraint during this pandemic. It certainly has been a challenge and I am extremely proud of the way that we as industry have responded.
Yours sincerely,
Brian Carter
Chairman