ASIC has issued its first 65 Australian Credit Licences under the National Consumer Credit Protection Act and WA is leading the way.
Since 30 June 2010, 26 licences have been granted for WA applicants. NSW is second on the list, with 14 licences being approved, while 12 licences have been granted in Queensland, 10 approved in Victoria, and two credit licences have been granted in SA. Tasmania’s figure currently sits at zero.
Out of the 65 licences that have already been granted, 60 were to brokers and other intermediaries, while only five were given to credit unions and similar providers.
ASIC have received 411 credit licence applications to date, out of the 14,760 registrations that were lodged prior to the 30 June 2010 cut-off. These registered parties now have until 31 December this year to lodge an application to be licensed.
According to ASIC commissioner Peter Boxall, the online application system for ACLs has been well-received. He added ASIC has learnt from its previous licensing experience, and this time around has endeavoured to "cut unnecessary red tape and the cost of compliance for credit participants".
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