Next Upcoming Event
17
February
2025
Cert IV (FNS40821) – Workshop Sydney, Melbourne, Brisbane (Feb)
EVENT DETAIL-
00
days
-
00
hours
-
00
minutes
-
00
seconds
If you engage in credit pursuits, you will usually need to hold an Australian Credit Licence (ACL) or become an Authorised Credit Representative (ACR) of a licence holder. This includes anyone lending money, or any go-between person lending the money and the person receiving the money, which covers brokers.
If you are starting in financial services, the essential requirement is the Certificate IV in Finance and Mortgage Broking nevertheless you cannot directly apply for an ACL with the Australian Securities and Investments Commission (ASIC). The reason is that you need finance experience as an authorised rep to be qualified to apply.
The corporation assessing applications of the Credit Licenses is the Australian Securities and Investment Commission (ASIC). They ensure the possible licensee can show they comply with the licence conditions in the credit legislation (RG206). If you’re interested, you can read the Regulatory Guide 204 which describes what you are required to do, to apply for a credit licence (all 78 Pages) or you can call us on 1300 136 947.
Most brokers work under their aggregator’s ACL because of the challenge in getting approved for a credit licence. The other problem is the continuing administrative expenses and compliance obligations you need to meet. This indicates you would need to apply to become a credit representative instead. But, if you’re a PAYG mortgage broker operating under a brokerage that is a credit representative of an aggregator, you are not required to become an ACR as well, your employer will automatically cover you along with the costs.
Your licensee (the ACL holder) will undertake your background checks and provide written consent to you to confirm that you have been accepted as an ACR.
The date of authorisation.
Your Credit Representative number.
Your name, date and place of birth, or body corporate name and ABN.
Your principal business address (and an alternative address if applicable)
Details of your EDR scheme membership.
We are here to help you find the right course.
Looking for more information and guides on our website?
Your Finance and Mortgage Broking career starts here.