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Licence renewal more than 'ticking boxes'

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Australian Broker | 30 Nov 2011, 06:00 AM Agree 0
ACL renewal may be a simple process, but it’s more than just “ticking boxes”, Advantedge’s Steve Weston has said
  • Country Broker | 30 Nov 2011, 11:19 AM Agree 0
    Steve Weston could well be correc , however Advantedge have always pushed their Aggregator groups they own towards the Credit Rep model , it simply give them more control and at $140.00 per month per representative fees it is also lucrative. Still he could be correct !
  • Sally | 30 Nov 2011, 11:41 AM Agree 0
    You can't buy a licence whether someone would like to or not, ASIC don't allow it, you can only buy the business, no different than when you buy any business. As a credit rep you normally have to offer your trail book to the aggregator for first refusal, as a licensee you can sell it to anyone. As a credit rep you can only offer products that the licensee has on their panel and knowing the large licensee holders like we all do, we know that down the track, these products will be weighted toward the benefit of the licensee. This is no different to how MFAA are controlled by the lenders, the big licensees will be controlled by the lenders. We know there isn't that much difference today, but we also know that large corporations don't worry about today, they are planning for tomorrow and the individual Licensee should think beyond what they can see today.Brokers need to be wondering what is in it for the Aggregators to be collecting numbers of Credit Reps, they certainly aren't doing it for the broker.
  • SteveOz | 30 Nov 2011, 01:33 PM Agree 0
    Banks own the aggregators, who push their brokers to be credit reps. This way they have more control. Banks also lobby the Government which brought about NCCP in the first place, and weighted it heavily in the Banks favor. No consporacy theory here......just facts. It's just like every corporotocracy. Consumer CANT benefit from this in the long run.
  • ozboy | 30 Nov 2011, 04:27 PM Agree 0
    No I don't think this is correct, if you offer your business for sale as a licensee you will have a documented process for most facets (if not all) of your business. If you are a credit rep then you don't need this you just follow someone else's and only for writing loans. Which would you pay more money for.
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