16Condition—maintaining certain procedures, memberships and arrangements

16 Condition—maintaining certain procedures, memberships and arrangements

The condition in this section is met for an eligible credit activity if the provider: (a) establishes and maintains an internal dispute resolution procedure that: (i) complies with the standards, and requirements, made or approved for the purposes of subparagraph 47(1)(h)(i) of the Act; and (ii) covers disputes in relation to the engaging in of the credit activity; and (b) is a member of the AFCA scheme for the purposes of dealing with complaints against the provider made by consumers in connection with the engaging in of the credit activity; and (c) establishes and maintains arrangements that: (i) include holding adequate professional indemnity insurance; or (ii) are approved by ASIC in writing as adequate; for compensating the provider’s consumers for loss or damage suffered because of breaches of the Act, or of the conditions in this instrument by the provider or its representatives; and (d) continues the memberships referred to in paragraph (b), and the arrangements referred to in paragraph (c), for at least 12 months after the end of the credit activity’s testing period.