Forum Replies Created
- Jamie M wrote:FMS wrote:Qlds007 wrote:So after a day of politely explaining the structure/scenario and the advice already provided by credit – they overturned their decision and granted formal approval…..so all in all, I gained a couple of premature grey hairs for nothing
It always pays to be polite and patient with the bank staff even when everything with in you wants to do otherwise!!!
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Qlds007 wrote:What is more scary is that you can speak to 2 different people at the ATO and get 2 separate answers.That sounds like the same as talking to the banks
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Easy Peasy
Step 1: Work out whether your business involves ‘credit activities’
Read Regulatory Guide 203 Do I need a credit licence? (RG 203). This guide will help you decide whether you need to get a credit licence.
Step 2: Familiarise yourself with the licensing process
Read RG 204 Applying for and varying a credit licence (RG 204). This guide outlines the process of applying for and varying your licence.
Step 3: Get your supporting documents together, you have to attach them to your application
Write a summary business description
Do background checks on your 'fit and proper' people. For each of them you must attach a:
national criminal history check (or overseas criminal history check for overseas people)
bankruptcy check
The criminal history check and bankruptcy check must not be more than 12 months old.
Your application will be rejected if you don't attach these supporting documents. See RG 204 for details.
Step 4: Get information about your responsible managers
You must include their qualifications and relevant work experience on the application.
Step 5: Think about who you will be authorising as credit representatives
You must tell us about any person authorised to engage in specified credit activities on your behalf.
Step 6: Make sure your external dispute resolution (EDR) scheme membership is current
When you apply for your licence, you must be a member of either:
Financial Ombudsman Service (www.fos.org.au Opens new window or phone 1300 56 55 62), or
Credit Ombudsman Service Ltd (www.cosl.com.au Opens new window or phone (02) 9273 8455).
Step 7: Make sure the details we already have about you are up-to-date
Check our registers (e.g company, Australian financial services licence, credit registration)
Step 8: Work out the licence fee you will have to pay
Here is how to calculate your fee.
Step 9: Understand your professional indemnity insurance obligations
Before ASIC grants your licence, you must demonstrate that you have adequate professional indemnity insurance in place.
ASIC guidance on professional indemnity insurance
We will ask you to complete this questionnaire about your professional indemnity insurance, and to provide us with a certificate of currency.
Tip – if you are unsure about how to complete this questionnaire, we suggest that you consult your insurance broker.
Step 10: Understand your other obligations as a licensee
ASIC guidance is available.
Are you ready? You must be able to declare that all of the information in your application is complete and accurate.
Ready to apply?
More info on the process here: http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Apply%20for%20a%20credit%20licence
All the best.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
