ASIC warns of looming credit deadline
Registrations for credit licenses are about to hit 12,000 as financial services providers prepare for changes to the credit licensing regime.
The Australian Securities and Investments Commission has received close to 12,000 registrations from entities and individuals seeking to engage in credit activities after 1 July 2010, the date the licensing process for the new National Consumer Credit Protection program kicks in.
The regulator is urging those who are yet to register to do so before 30 June, but ideally by the end of this week, to ensure they can continue offering credit activities after 1 July 2010.
“After 18 June 2010, there is a risk that we won’t be able to make a decision on an application by the end of the registration period,” a statement from the regulator said.
Registered persons’ and prospective licensees who are yet to register must apply for a credit licence between 1 July 2010 and 31 December 2010, or become a representative of a registered person or a credit licensee if they wish to continue engaging in credit activities beyond 31 December 2010.
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