Applying for your Australian credit licence
Content Summary
To be eligible to apply for an ACL, you will need to meet specific education and experience requirements set by ASIC, to demonstrate that you can comply with the organisation competence requirements to hold an ACL.
If you cannot meet these requirements, it is unlikely that applying for your own licence will be something that you could consider in the first instance. However, this may be something that you wish to pursue in the future.
General requirements
In addition to meeting the organisational competence requirements, you will also need to demonstrate that you can meet the ACL:
- general conduct obligations
- your broad compliance obligations
- your internal systems
- your people
- your resources
- dispute resolution requirements
- compensation arrangements.
ASIC resources
Discover more
The trouble with sophisticated investors
The low bar for sophisticated investors is proving risky, but there’s a fix in the Corporations Act.
- Financial planning
article·Published onUrgent review of sophisticated investor criteria needed
Many clients now qualify as sophisticated investors. Here’s why it’s important to exercise caution.
- Financial planning
article·Published onRegulations for financial planning
Regulation of SMSF advice, regulation of consumer credit and regulation of tax (financial) advisers
- Financial planning
Signing client declarations for loans
Signing client declarations for loans or providing a capacity to repay certificate are restricted activities
- Financial planning
Regulation of SMSF advice
Accountants often provide advice on SMSF to clients
- Financial planning
Regulation of consumer credit
Understanding the regulation of consumer credit is vital for credit representatives
- Financial planning