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ARTICLE · 17 JANUARY 2011

Credit Representatives’ Authorisations

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Confused about the scope of credit representatives’ authorities? Can credit reps lodge deals off panel? Many credit reps have been appointed by aggregators or master brokers. Most brokers operate through a family company (primarily to avoid employee/employer issues). In these cases both the company and the individual need to be appointed as credit reps. This differs from the Australian Financial Services Licence (AFSL) regime, because the AFSL regime does not have the concept of ‘intermediary

AustraliaFinance and Banking
Jon Denovan
Jon Denovan

Confused about the scope of credit representatives' authorities? Can credit reps lodge deals off panel?

Many credit reps have been appointed by aggregators or master brokers.

Most brokers operate through a family company (primarily to avoid employee/employer issues). In these cases both the company and the individual need to be appointed as credit reps. This differs from the Australian Financial Services Licence (AFSL) regime, because the AFSL regime does not have the concept of 'intermediary' which exists in the National Consumer Credit Protection world. The credit rep's company is an 'intermediary'.

Confusion arises when credit reps want to lodge a loan off panel, for example, with a specialist lender or mortgage manager.

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