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Brokers pass December licensing test

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Australian Broker | 17 Jan 2011, 06:15 AM Agree 0
The expectation that many brokers would not meet the 31 December licensing deadline has been proven false, according to Phil Naylor
  • COUNTRYBROKER | 17 Jan 2011, 01:37 PM Agree 0
    In the last ASIC news it appears that there have been just over $7,000 applications for 5,000 licences to end of December . That would include lendrers and aggregators. It either means that a lot of brokers are leaving OR many brokers are becomung accredited representatives, I would like to see how many have gone down that path. If for arguments sake 5,000 brokers have elected to become an accredited representative under their aggregator at say what appears to be average fee of $139.00 per month that equals an additional income to the aggregators of $8.34 Million per annum gross, even at 15% nett margin that is $1.25 million onto the bottom line of the aggregators < not a bad benefit for the aggregators and a big loss to the broking industry. I now understand why some aggregators were pushing the credit representatives model so hard .
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