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ARTICLE · 29 JULY 2014

Part III: More options to those offering credit services

Holley Nethercote
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There are two exemptions to being authorised under an ACL which will allow you to refer clients to a licensee.

AustraliaFinance and Banking
Michelle Chasser
Michelle Chasser
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Option 3: Rely on the referral exemption

There are two exemptions to being authorised under an ACL, or holding an ACL, which will allow you to refer clients to a licensee: a basic exemption and an expanded exemption.

The basic exemption allows you to provide your client with information about how they can contact a licensee that is able to provide credit activities; for example, a finance broker or a credit provider. At the same time, you must disclose to the client any benefits that you may receive from the licensee for making the referral. This is fairly straightforward and you may be already doing this.

The expanded exemption allows you to pass on your client's contact details to a licensee. To do this you are required to do the following:

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