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By: Jessica Darnbrough
Brokers, lenders and intermediaries have surged to apply for an Australian Credit Licence just weeks after registration opened in 1 April.
According to data from ASIC, the first application for registration was received at 00.15 – 15 minutes after registration opened on 1 April 2010.
Speaking at Connective’s annual roundtable discussion in Sydney yesterday, MFAA chief executive officer Phil Naylor said the sheer amount of applications suggests registration is not an arduous process.
“In the lead up to registration I told ASIC that they need to make the procedure simple, and I think they achieved that,” Mr Naylor said.
“While the procedure is still rigorous, it is not overly complicated, which is a good thing for the broader industry.”
ING DIRECT’s executive director of mortgages Lisa Claes, agreed that regulation was a positive step forward for the industry and said the 3,000 applications already received suggested the industry also saw regulation as an important milestone.
“I think regulation is not only a wonderful thing for the industry as a whole, but also for consumers. To know that they are dealing with a licensed group immediately improves the credibility of the company. While brokers have operated as professionals for many years, they can now legally and rightfully refer to themselves as professionals,” Ms Claes told The Adviser.
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