Finance Broking Australia-regulatory guide 204 applying for and varying a credit license

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Regulatory Guide 204 - Applying for and varying a Credit License CPD

Your first step is to decide whether you need a credit licence. You should read 'Regulatory Guide 203 Do I need a credit licence?' to help you make this decision: RG 204.3–RG 204.9.

If you need a credit licence you should apply online at: Australian Securities and Investments Commission

The information you will be asked to provide in your application will be tailored depending on whether you are a ‘standard’ applicant, a ‘streamlined’ applicant, an AFS licensee and/or a body regulated by APRA.

ASIC will only grant you a credit licence if you meet the requirements in the National Consumer Credit Act 2009.

Section D 204 – Questions you will be asked about compliance with general conduct obligations.
• Do you have arrangements and system for compliance with general conduct?
• Are you a fit and proper person to engage in credit activities?
   - B3 – Supervising and training representatives
   - B4 – Adequacy of resources
   - B5 – Dispute resolution and hardship applications
   - B6 – Risk management
   - B7 – Compensation arrangements
   - Responsible managers
   - Background checks:
      - Australian Credit Licence Financial Police Report
      - National Personal Insolvency Index Bankruptcy Report (valid for 12 months)
      - VEDA Credit Check
      - Background check on people involved in business. Download free copy of Standards Australia Handbook here:
If ASIC refuse your application, you cannot engage in credit activities.

If there are changes to your business after your credit licence is granted, you may need to apply for a variation of your licence.

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