Brokers keep licensing options open
By
Kevin Eddy
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1/07/2010 6:00:00 AM
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The majority of brokers aligned with AFG are 'keeping their options open' as to which licensing model they aim to pursue, after ASIC's deadline for registration passed yesterday
Mark Hewitt, general manager of sales and operations at the aggregator, told Broker News that 'over 99%" of AFG's members have registered under the new regime, and that most are planning to decide between procuring their own licence or becoming a credit representative of AFG closer to the 1 January deadline.
"A lot of people are keeping their options open", said Hewitt. "However, I'm pleased that, at this stage, pretty much all of our 2,500 brokers are accounted for. Come 1 July, all of our members who want to do business will be able to."
Hewitt added that around 10% of AFG's members had indicated that they were interested in becoming a credit representative under AFG's licence, but that he expected this to increase as 1 January approaches.
Under the National Consumer Credit Protection Act, brokers that have not registered with ASIC are unable to practice as of today.
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