How to authorise a credit representative

Authorise a credit representative

If you are a credit licensee, you can ‘authorise’ a person or business to be your credit representative. This means that you have given them written consent to engage in some or all credit activities under your licence.

You need to tell ASIC that you have authorised them. See how to notify ASIC of a credit representative.

You do not need to formally authorise your employees or directors to engage in credit activities under your licence.

You should understand your obligations regarding credit representatives and the steps you need to take before you authorise them:

Information Sheet 126 Credit representatives (INFO 126)

Sub-authorise a credit representative

If you are a credit representative that is a body corporate (for example, a company), you can ‘sub-authorise’ a person to be your credit representative. This means that you have given them written consent to engage in credit activities under the same credit licence.

The licensee must agree to the sub-authorisation in writing.

You need to tell ASIC that you have sub-authorised the representative. See how to notify ASIC of a credit representative.

You should understand your obligations regarding credit representatives and the steps you need to take before you sub-authorise them:

Information Sheet 126 Credit representatives (INFO 126)

Notify ASIC of a credit representative

If you are a credit licensee authorising a credit representative, you must tell ASIC about that credit representative.

If you are a credit representative that is a body corporate sub-authorising a credit representative, you must tell ASIC about that credit representative.

Use this form:

Form CL30 Appoint a credit representative (Form CL30)

To complete this form, you will need to sign up for online access to the credit licensee and representative portal if you haven’t already.

You must lodge this form within 15 business days of authorising or sub-authorising the credit representative.

Vary a credit representative’s details

You must tell ASIC if your credit representative changes (varies) their details, such as their:

• name
• principal business or alternative address
• Australian Financial Complaints Authority (AFCA) membership status.

You can also update details of other licensees they represent and credit activities they are authorised to engage in.

Use this form:

Form CL32 Vary the details of a credit representative (Form CL32)

You must lodge this form within:

• 14 days of the credit representative’s alternative address changing
• 10 business days of the credit representative’s other details changing.

Cease a credit representative’s authorisation

Use this form to revoke (cease) a credit representative’s authorisation or sub-authorisation:

Form CL31 Cease a credit representative (Form CL31)

You must lodge this form within 10 business days of ceasing the credit representative’s authorisation.

Fees

There is no fee to lodge any of these forms online.

But you need to tell us about the change within the lodging period set out above. If you do not let us know within the lodging period, a late fee will apply:

• {U91} for up to one month late.
• {U92} for over one month late.