Document ID: chunk:federal_register_of_legislation:F2025L00303:clause:1_28haf
Version: federal_register_of_legislation:F2025L00303
Segment Type: clause
Provision Reference: sch 1 cl 28HAF
Character Range: 7326–8805

28HAF  Reviewing and updating unsuitability assessment policies
 (1) A licensee must conduct regular reviews of the licensee's unsuitability assessment policy.
 (2) In deciding when to conduct a review of the policy, the licensee must have regard to the licensee's obligations under subsection 133BXG(2) of the Act (unsuitability assessment policy must be effective).
 (3) As part of each review, the licensee must:
 (a) assess whether the policy has been and will continue to be one that, if followed, makes it reasonably likely that the licensee will comply with sections 128 and 131 of the Act (which deal with assessments of unsuitability), as those sections apply in relation to low cost credit contracts; and
 (b) identify any changes to the policy that would make it more likely that, if the policy is followed, the licensee will comply with those sections, as they apply in relation to low cost credit contracts.
 (4) For each review, the licensee must ensure that the licensee has regard to information and evidence that the licensee reasonably believes:
 (a) is accurate; and
 (b) provides an appropriate basis for assessing the policy as mentioned in paragraph (3)(a) and identifying changes to the policy as mentioned in paragraph (3)(b).
 (5) If, as part of a review, the licensee identifies changes to the policy of the kind mentioned in paragraph (3)(b), the licensee must ensure that the policy is revised to incorporate those changes as soon as is practicable.