ACL Applications

Sophie Grace can complete the relevant Australian Securities and Investments Commission (ASIC) forms including the application form, through ASIC’s online portal for your Australian Credit Licence (ACL).

ACL Application Process

Sophie Grace will prepare the following core proof documents that are required to accompany the application:

  1. Business description (so that ASIC can understand how your business works, including the types of credit activities you propose to engage in under the credit licence).
  2. Fit and proper people information (in relation to people who are involved in the management of your credit business. You will also be asked to identify your responsible managers).

After the submission of an application, ASIC often requires further information to accompany the application. Sophie Grace will assist in preparing this additional information and liaise with ASIC as required.

Should ASIC approve your credit licence application, you will be provided with a Credit Licence number (if you hold an AFSL, this will be the same as your AFSL number) and your credit licence outlining your licence conditions.

Ongoing Obligations

As an ACL holder, you must comply with the general ongoing requirements set by ASIC which aim to ensure that you operate your credit business effectively and efficiently.

Unless an exemption applies, an ACL holder has the following ongoing obligations:

  • ensure that credit activities are engaged in efficiently, honestly and fairly;
  • conflict of interest arrangements;
  • comply with any licensing conditions;
  • comply with credit legislation;
  • maintain competence to engage in credit activities;
  • ensure representatives are adequately trained;
  • internal dispute resolution procedures;
  • member of an approved EDR scheme;
  • compensation arrangements (including professional indemnity insurance) for breaches of its obligations;
  • adequate and documented compliance arrangements and systems;
  • adequate resources and adequate risk management systems;
  • cite its ACL number on documents;
  • regular reporting to ASIC;
  • breach reporting to ASIC within 10 business days; and
  • financial record-keeping.

If you would like to obtain further information or assistance with applying for an ACL, please contact Sophie Grace directly.