Australian Credit Licence (ACL) Applications & Variations

Applying for an Australian Credit Licence (ACL) can be a very daunting process, especially if you haven’t been exposed to the application process before.  Whether you’re a credit representative, looking to apply for your own licence, or you want to just get into the consumer credit space, there are many things you need to know before applying for an ACL.  Our licensing experts are here to help from start to end.

How we can help

Australian Credit Licence (ACL) Application

Applying for an Australian Credit Licence (ACL) can be a time-consuming task and we’re sure that you have much better things to do with your time!

If you need help with the administration side of the application process, our licensing team can assist.  Our licensing team is headed by an ex-ASIC senior licensing manager, who has had over 30 years’ experience in analytical and senior management roles at ASIC and who oversaw the licensing team at ASIC for the final 15 years of his time there.

We can help you get the documents that are required for the ACL application in order, such as:

  • the proposed business description
  • summary of supporting information
  • background checks, such as police checks for all fit and proper people
  • information about your responsible managers; and
  • other documents and proofs ASIC requires as set out in ASIC RG 204.

Australian Credit Licence (ACL) Variations

Varying your credit licence can seem like a simple task.  How hard can it be to change an authorisation or add or remove a Responsible Manager from the licence?  Depending on the type of variation, it can be a lot more complex than you think, and sometimes, it can require the same amount of work as applying for a new licence!

There are documents you need to prepare and specific forms that you need to lodge with ASIC.  Lodging the right forms with the right documents in the first go will save you a lot of time, money, and headache with ASIC’s requisitions down the track.

Assessing the suitability of your Responsible Managers

Our licensing team can do a preliminary suitability assessment of your nominated Responsible Managers to see if they have the organisational competence and training required by ASIC as set out in ASIC’s Regulatory Guide 206 (RG 206).

ASIC RG 206 outlines that ASIC assesses the organisation’s competence by looking at the qualifications and experience of the Responsible Managers as they are identified as the people who will be responsible for the quality of the credit activities your business provides.

Do you need an Australian Credit Licence (ACL)?

Some of our licensing experts are also lawyers in the financial services and credit space.  With the expert, legal advice from our lawyers, we can help determine whether or not your intended credit activities will require you to hold an ACL with ASIC, or whether you qualify for an exemption.

Crypto ACL applications

We can help you apply for an ACL even when you’re using crypto as collateral for the loans.  We act for some of the world’s largest crypto lenders.

Useful resources

Breach Reporting
Breach Reporting
Breach reporting for credit licensees: are you ready to dob yourself in?

  October 2021 sees the commencement of many new regulatory reforms for Australian Credit Licence (ACL) holders.  One of the reforms that will have greatest impact will be the new…

Annual Compliance Certificate
Annual Compliance Certificate
As a credit licensee, can you sign the Annual Compliance Certificate?

If you are a credit licensee, you must lodge an annual compliance certificate with ASIC within 45 days of your licensing anniversary each year.  Your licensing anniversary is the anniversary…

Fit & Proper
Fit & Proper
Are you ‘fit and proper’ or only of ‘good fame and character’?

In March 2020, the requirements for obtaining and maintaining an Australian Financial Services Licence (AFSL) were amended by the Financial Sector Reform (Hayne Royal Commission Response—Stronger Regulators (2019 Measures)) Act…

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