Document ID: chunk:federal_register_of_legislation:F2021L00043:schedule:1:p3
Version: federal_register_of_legislation:F2021L00043
Segment Type: schedule
Provision Reference: sch 1 (pt 3/4)
Character Range: 7806–10866

and
                  c)  it has less than $3 million total debt to all credit providers — including:
             i)  any undrawn amounts under existing loans;
             ii)  any loan being applied for; and
                      iii)  the debt of all its related entities that are businesses.

         However, a business is not a "small business" if it is a company listed on the Australian Stock Exchange, a government entity, or an Australian Financial Services Licensee that is authorised under its licence to operate registered managed investment schemes as a responsible entity or to provide custodial and depository services.
         * Note: If the business is part of a group of bodies corporate (see s. 50 Corporations Act), paragraphs (a) and (b) are assessed on the basis of the group.
    4 Paragraph 163
Omit the paragraph, substitute:

       163. However, we may still deal with you directly in the following situations:
             a)  if you ask us to;
                  b)   if we have made reasonable attempts to contact, or deal with, your financial counsellor or representative but we are unsuccessful; or
            c)   if your representative is not a financial counsellor, and
                      i)  we reasonably believe the representative is not acting in your best interests; or
                      ii)   it is otherwise reasonable to do so in the circumstances.
       If we decide to deal with you directly under (b), or (c), we will tell you, and will suggest other free alternatives that may be available to you.
    5 Definitions (after the definition of "Enforcement proceedings")

    Insert:
        "Financial Counsellor" means a financial counselling agency (including an organisation or individual) entitled to the benefit of an exemption under either the ASIC Corporations (Financial Counselling Agencies) Instrument 2017/792 or ASIC Credit (Financial Counselling Agencies) Instrument 2017/793.
    6 Paragraphs 204 to 206 (including the heading)
Omit the paragraphs (including the heading), substitute:

       Timeframes for handling your complaint

             204.  If we resolve your complaint to your satisfaction, or have given you an explanation and/or apology when we can take no further action to reasonably address your complaint, within five business days, we do not need to provide you with a written response as outlined in paragraph 203, unless you ask us.

             This paragraph does not apply to a complaint relating to hardship, a declined insurance claim or the value of an insurance claim.

             206.  If we are unable to resolve your complaint within 30 days (or within 21 days if it involves a hardship notice, default notice or request to postpone enforcement), we will:
            a)  tell you the reasons for the delay;
                  b)  tell you the date by which you can reasonably expect to hear the outcome of our investigation; and
            c)  give you monthly updates on the progress;
                  d)  tell you about your right to complain to AFCA