ASIC is reminding brokers that the transitional period for credit licensees to get necessary qualifications ends on 30 June.
From 1 July, each credit licensee or responsible managers must meet the minimum training requirements as well as a problem-free background.
These requirements apply to existing licensees even if they were granted a licence on the basis of having the required amount of experience, but not the minimum qualifications.
All credit licensees are required to maintain competence to engage in credit activities covered by their licence, and ensure their representatives are adequately trained to be competent in those credit activities.
Licensees or their responsible managers need a credit industry qualification to at least the Certificate IV level or another higher-level qualification such as a diploma or university degree in a relevant discipline.
For licensees that provide third-party home loan credit assistance, from 1 July the licensee's responsible managers must have completed at least a Certificate IV in finance and mortgage broking.
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