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ISCOVER
Belinda Luc
In just over a month since licensing applications began, ASIC has issued 65 credit licences across Australia, 60 of which were to mortgage brokers.
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The most licences were issued in Western Australia (26), while 14 were issued in NSW, 12 in Queensland and 10 in Victoria.
Two licences were issued in South Australia and one in the ACT, while credit participants in Tasmania and the Northern Territory are yet to be licensed.
Approximately 14,760 registrations were received before 30 June 2010.
ASIC commissioner Dr Peter Boxall said the corporate regulator had received positive feedback regarding the ease of applying for the credit licences, having received 411 applications since 30 June.
“Our focus from the very first day has been to learn from our previous licensing experience and to cut unnecessary red tape and the cost of compliance for credit participants,” Dr Boxall said, adding that broker costs have always been a factor in the licensing process.
Firstfolio management consultant Angelo Malizis has welcomed the new legislation.
“We’re now helping our nearly 1000 registered entities and staff with their license applications and we’re actively seeking additional qualified brokers to join our growing network,” he said.
While ASIC has focused on making the licensing as straight forwards as possible, Mr Malizis said brokers who became Firstfolio credit representatives could avoid the costs and time associated with applications and focus their time on servicing customers.
