Date: 22 Jun 2010 Comments: 0

 

All finance brokers in Australia come under the new National Consumer Credit Protection Bill on the 1st July 2010. According to Rosanne Bell, Senior Executive, Registry Services & Licensing for the Australian Securities & Investments Commission:  

“If you currently engage in credit activities under state or territory legislation, and you want to continue to engage in credit activities from 1 July 2010, you need to register with the Australian Securities & Investments Commission (ASIC).  

To become registered, you must complete an online application form and lodge it with us.  Registration opened on 1 April 2010 and so far we have successfully registered over 13,000 online applicants.  Registration will shortly close on 30 June 2010.  

If you are not registered with ASIC by 1 July 2010, you must stop engaging in credit activities until you either become registered or have an Australian Credit License.” 

The new laws are designed to provide conformity to set standards in the Australian finance industry and provide consumers with a greater level of protection.