Applying for and varying a credit licence

• You can apply for a licence online on the ASIC website. Paper applications will only be accepted with pre-approval, but will take longer to process and cost more.
• Ongoing access to the application will be via a user name, password and reference number.
• The application will be tailored to the entity type and some information may be pre-filled.
• Information sought will include:
  • entity type (company, partnership, multiple trustee or natural person)
  • address and contact details
  • business names
  • credit activities authorisations sought
  • size and nature of business activities
• Information sought about compliance with general obligations will include the identification of ‘fit and proper people’ and ‘responsible managers’ and their competence and attributes, and confirmation of adequate compliance plans including written plans, monitoring and reporting and the people responsible. If functions are outsourced, the applicant must also confirm appropriate processes exist to ensure due care and skill in selection and monitoring of the provider’s performance. Other confirmation sought will include:
  • arrangements for supervision and training of representatives
  • dispute resolution and hardship applications processes
  • adequate risk management systems
  • satisfactory compensation arrangements (PI insurance for most)