We are currently in the process of making a number of important system, process and policy changes to the CALIA+ product. These changes are the result of new consumer credit and unfair contract terms (UCT) regulations and updated internal business rules and policies.
The changes will be released in a staggered approach over the course of the year, with the first set of changes taking place on 1 July 2010. A number of important updates are listed below.
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Dealing with appropriately licensed IFAs/Brokers
From 1 July 2010, CGI will be unable to deal with advisers who have not registered with ASIC for an Australian Credit Licence, or received an authorisation from a licensee, by 30 June 2010. It will be the adviser and dealer group’s responsibility to ensure they do not engage with a credit provider or client unless they are appropriately registered and then licensed. You can find out more about the consumer credit regulatory changes on the ASIC website.
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Updated Terms & Conditions
New CALIA+ terms & conditions have been developed to comply with the new Federal unfair contracts legislation. We have taken this opportunity to update the T&Cs with other changes related to the upcoming margin loan regulations and associated product enhancements.
We are aiming to post copies of the updated T&Cs to active advisers and clients before the end of June.
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Updated application form
A new CALIA+ application form will be introduced and will capture information that is relevant to the new legislation. We are also making functional and structural changes that will improve the application process and make it more efficient.
More information
You can find out more about the consumer credit regulatory changes on the ASIC website.
Questions & Answers
To assist you, we have put together a number of frequently asked questions.