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ISCOVER
Jessica Darnbrough
Brokers that want to become an Australian Credit Licence holder need to apply for a licence before the end of November, Gadens Lawyers has warned.
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According to the company’s latest compliance and NCCP update, it is recommended that all brokers looking to hold their own licence heading into 2011 should have their licence application lodged by early November in case there are any last minute difficulties or omissions.
“Incomplete applications may not be accepted by ASIC and if there is no current application at 31 December 2010, your registration will lapse and you will have to cease business,” the compliance update read.
Brokers applying for their own licence will need to have a credit history report no more than three months old when the application is lodged and a national criminal check no more than 12 months old.
In addition, they will have to supply ASIC with their date of birth, address, a business description, internal dispute resolution scheme, PI Insurance and a compliance plan.
