Australian Credit Licence
Every mortgage professional worth their salt will tell you, “In our industry the only constant – is change!”
The last couple of years have certainly built character, with the ups and downs of financial markets, anticipation of government reviews and our profession in the firing line following the actions of an unprofessional few.
This has allowed everybody in the industry to step up and be counted. It’s has showed not only our peers, but the general public and government that we are in fact professionals that do care about our client’s best interests. These laws concerning credit licences make it safer for consumers by creating a floor of protection.
The regime of having either a representative status or an Australian Credit Licence is designed to overhaul the system providing better education for advisers in the hope that the standards of advice will improve. Whilst another layer of regulation and bureaucracy is hardly an efficient solution, the improvements it aims to bring to the industry should push out the fly-by-nighters who do anything to sell a product, including give bad and unqualified advice.
All people involved in providing credit in Australia must either apply for an Australian Credit Licence (ACL) or be an authorised representative of an ACL.
Walker and Miller provide compliance and licencing assistance. To see the packages and for assistance Click Here.
ASIC have decreed that the Certificate IV is the minimum educational standard required of all providers of credit and credit related services. We have also had many of our existing clients approach us to help them to obtain the Supporting documents required for an Australian Credit Licence:
- Australian Federal Police ASIC Criminal History Certificate
- National Personal Insolvency Index Bankruptcy Extract
- VEDA Advantage Consumer & Commercial Credit History Check
I would encourage you all to ensure you are compliant with ASIC regulations. If you need any assistance with making sure your business is compliant or with obtaining a credit licence, please contact us!
1300 136 947