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WA State Finance Broker Guidelines

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WA State Finance Broker Guidelines

Apr 14, 2009

WA State Finance Broker Guidelines


Application requirements

The minimum education requirement for the grant of a finance brokers licence is the successful completion of Certificate IV in Financial Services (Finance/Mortgage Broking) including the relevant WA content.

The Commissioner for Consumer Protection may grant a licence if it is satisfied that an applicant is of good character and repute, has sufficient financial resources, is deemed competent to carry out the duties of a licensed finance broker and meets the applicable requirements for either an A, B, C or D Class licence as stated below:

  • A Class – Unrestricted
  • B Class – Licensees can only negotiate or arrange loans of money with bona fide institutional lenders.
  • C Class – Licensees can only negotiate or arrange loans of money with bona fide institutional lenders and are required to operate exclusively under the supervision of a nominated licensed finance broker.
  • D Class – Licensees are generally partners/directors of a licensed firm/body corporate who may not have direct experience in negotiating and arranging loans or have not completed the Certificate IV but are required to hold licence to comply with section 28(c) or 29(c) of the Finance Brokers Control Act 1975 (the Act).

Applying for an A, B or C Class Finance Brokers Licence

Please include the following with your application:

  • 1. A licensing fee of $1000.00 payable to the Commissioner for Consumer Protection. Please note that all licences are valid for three years from the date of issue and the fee is not refundable.
  • 2. Proof of your qualifications:
    • evidence of successful completion of Certificate IV in Financial Services (Finance/Mortgage Broking);
    • elevant supplementary Western Australian material provided by an approved training provider; and
    • evidence of successful completion of the Diploma of Mortgage Lending (only required for A Class licence applications).

i) Business References

Two business references (not more than six months old) from individuals who can attest to your good character and reputation must be provided with the application form. References from relatives, subordinates, friends, co-directors or associated entities are not acceptable.  References for applicants applying for a B Class licence should also include evidence that the applicant has a minimum of two years full time relevant experience in the preceding five years.  The business reference template may assist you.


ii) National Police Clearance

An ORIGINAL National Police Certificate (not more than three months old). In Western Australia these can be obtained from an Australia Post outlet for a fee. If you reside outside of Western Australia, certificates can be obtained from the Australian Federal Police or your State/Territory’s police force.


iii) Credit History Report

A credit history report (not more than 3 months old) for each individual, body corporate and firm. These can be obtained online by visiting Veda (Baycorp Advantage/Credit Advantage). The report must contain details of any court writs, payments in arrears etc.  If the report shows a cross reference a further report will need to be obtained.


iv) Professional Indemnity Insurance

A copy of the professional indemnity insurance certificate of currency in the approved format.  Any certificates which do not meet the Commissioner’s requirements will not be accepted. If you are an employee of another licensed finance broker, you will need to provide a copy of their certificate of currency.


v) Statement of experience (curriculum vitae)

A current statement of experience detailing past and present employment including the positions held and the period of employment.


vi) Statement of Responsibility (for C class applicants only)

Statement of Responsibility from an A or B Class licensed finance broker.


vii) Statement of Employment

If you intend to be covered by another licensed finance brokers professional indemnity insurance you must include a statutory declaration confirming employment.


viii) Original bond/bank guarantee

If you intend to receive trust monies, you must provide an original bond or bank guarantee in the Commissioner’s approved format, along with proof of the trust account being open.


ix) Financials/Solvency Resolution (Body Corporate only)

A certified copy of the body corporate’s minutes detailing the solvency resolution passed by the body corporate in respect of its last Annual Statement for the Australian Securities and Investments Commission (ASIC) and/or a copy of the body corporate’s most recent financial report lodged with ASIC (not required for newly registered companies).


x) Advertising your application

The notice of application for the grant of a licence must be published in a newspaper circulating within Western Australia 3 months prior to the date of lodgement of the application. This time period is specified in the Finance Brokers Control (General) Regulations 2005. If this regulation is breached the Commissioner may require you to re-apply.

There are different forms for individual, body corporate and firm licence applications.

Contact the Classifieds section of The West Australian or the Sunday Times to place your advertisement in the Public Notices section (it can be advertised on any day of the week). Fax the entire form to the newspaper, and they will format it for you.

The full page of the newspaper showing your advertisement and the date of publication must be received with the application. From the date that the application is advertised, there is an objection period of 14 working days within which any person may object to the Commissioner granting a licence. When the objection period has expired and all the Commissioner’s requirements have been met, your application will be considered.


Applying for a D Class finance brokers licence

Please include the following with your application:

  • Application fee of $1000 (not refundable)
  • 2 Business References
  • National Police Clearance Certificate
  • Credit History Report
  • Copy of your company’s professional indemnity insurance Certificate of Currency
  • Statement of Experience (Curriculum Vitae)
  • Full page of newspaper showing your advertisement and the date of publication


Lodging your Application

You application can be submitted (with the licensing fee) by:

  • Mail: Commissioner for Consumer Protection, Locked Bag 14, Cloisters Square WA 6850.
  • In person: Cashier, Ground floor, Forrest Centre, 219 St George’s Terrace, Perth. The Cashier will provide you with a receipt.

Applications generally take between 10-14 days to consider depending on whether further information is required. This time frame begins when you have lodged all the required documentation.


Date of lodgement

The lodgement date is taken to be the date your application (along with full payment of the licensing fee) is receipted by the cashier.


Further assistance

If you require any further assistance in applying for a finance brokers licence, you can contact a licensing officer by:

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