ACL Licence Issue
All people involved with providing credit in Australia must hold an Australian Credit Licence or be registered as an Authorised Credit Representative under a Credit Licence.
From contact with businesses and individual brokers looking to obtain their own licence, we have found that the online application process is simple, straight-forward and easy to use. From our experience the challenge arises for most people when ASIC request a copy of the entities “Compliance Plan” which verifies the information provided within the application and outlines procedures to ensure compliance with credit obligations under the National Consumer Credit Protection Act 2010.
In general, organisations will be given 5 working days to provide the required documentation, ample time if your organisation already has such systems in place as well as holds the associated documentation.
It is suggested that you have the complete compliance plan and documentation in place prior to your application to ASIC as the application process requires you to make a declaration that you have the systems in place and will have the documentation in place prior to licence issue.
W & M offer a complete compliance package for ASIC submissions for Australian Credit Licensing. Information is available by clicking here or call 1300 136 947