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There are a range of processes involved in obtaining an Australian Credit Licence.
We've provided you with a brief overview of these below. The NCCP Compliance Toolkit contains a far more comprehensive guide to this process than is covered below.
 Step 1: Develop the Licensing Obligations Risk and Compliance framework.
This document should contain all the policies and procedures necessary for the business to demonstrate it meets its licensing obligations.
It would form the basis for an ASIC or external audit or review of NCCP licensing obligations compliance.
Step 2: Responsible Manager(s) – Due Diligence Checks
Each responsible manager (fit and proper person) will need to provide the following documents:
- A police clearance
- A copy of their own consumer credit file
- A Bankruptcy check
Step 3: Read ASIC’s CL01 User Guide
ASIC’s CL01 User Guide helps you complete the licensing application form.
Step 4: Supporting documents
You will be required to upload an overview of your business, and the police and credit bureau report for each responsible manager.
Your application will be rejected if you don't attach these supporting documents.
Step 5: Qualifications and work experience
You must include your qualifications and relevant work experience on the application so have this information available when you go online to apply.
Step 6: Credit representatives
If you have appointed any credit representatives, you will need to provide those details in the application process.
Step 7: EDR scheme membership
Ensure your EDR scheme membership is current.
Step 8: Company Details - Currency
Ensure your current details (e.g company, Australian financial services licence, credit registration etc) are current on the ASIC registers. If not, update them before you commence your licence application.
Step 9: The licence fee
You will need to calculate your licence fee. ASIC has a calculator on its website.
Step 10: Professional indemnity insurance obligations
Before ASIC grants your licence, you must demonstrate you have adequate professional indemnity insurance in place.
Step 11: Complete the online application
ASIC’s online application can be accessed from this link:
https://www.edge.asic.gov.au/011/CL01V001?get/applicationLogin/t=b1b2b402079e3cdaa6a5ab3e6146a81ebacecf
Step 12: ASIC approval
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