ACL Licence Issue

According to a press release on the 19^th of August 2010, approximately 14,760 entities registered their intention to licence. 65 licences have been issued under the new National Credit Act since 30 June 2010 and 411 licence applications have been received.

From contact with businesses and individual brokers looking to obtain their own licence, we have found that the online application process is simple, straight-forward and easy to use. From our experience the challenge arises for most people when ASIC request a copy of the entities “Compliance Plan” which verifies the information provided within the application and outlines procedures to ensure compliance with credit obligations under the National Consumer Credit Protection Act 2010.

In general organisations will be given 5 working days to provide the required documentation, ample time if your organisation already has such systems in place  as well as the associated documentation.

It is suggested that you have the complete compliance plan and documentation in place prior to your application to ASIC as the application process requires you to make a declaration that you have the systems in place and will have the documentation in place prior to licence issue.

W & M offer a complete compliance package for ASIC submissions for Australian Credit Licensing. Information is available by clicking here or call 1300 136 947

Australian Credit Licence Solutions