By: Jessica Darnbrough
With the new licensing laws soon to be introduced, Advantedge has today announced it will let its brokers choose whether they want to seek their own Australian Credit License (ACL) or become a Credit Representative (CR) of an Advantedge ACL holder.
The two new licensing options are designed to assist aligned mortgage brokers to operate compliant, competitive and efficient businesses.
Advantedge chief executive Drew Hall said it was important to make the transition to the new regime as smooth as possible by offering brokers suitable licensing models and support.
“We believe the new regulations will safeguard the long-term sustainability of brokers’ businesses and of the industry. They will promote brokers as the natural choice for consumers to seek guidance and advice with their financing needs,” Mr Hall said.
More detail about the licensing options will be given to brokers at the upcoming Advantedge information sessions.
According to Mr Hall, the sessions, which will take place in every capital city, will give practical guidance on matters requiring action before 30 June 2010 including: registration with ASIC; and responsible lending requirements.
“Brokers must consider their business objectives and take into account the time and resources required to meet the compliance obligations of holding an Australian Credit Licence as this may impact the efficient operation and growth of their business,” Mr Hall said.
“They also need to consider the option of Credit Representative status which we are offering because we believe this model will help brokers focus on meeting client needs and business growth. Importantly, if an Advantedge ACL holder appoints a broker as a Credit Representative, the licensee will provide compliance oversight, advanced technology, and training support."
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