In relation to displaying your ACL number, ASIC clarified that when the licensees ACL number is to be displayed it must be displayed as ‘Australian Credit Licence number 12345’, not ‘ACL 12345’. However, if a licence number is referred to in a document more than once, it will be sufficient for the full description of the licence to be used once, and the abbreviated form to then be used in the remainder of that document. There is no such requirement under the AFSL regime meaning it is sufficient to state your AFSL number as ‘AFSL 12345’.
Further, there is no exemption for businesses who hold both licensees. The requirements of each regime need to be met.
Finally, there is no requirement to display your ACL number on business cards. See our previous post ‘Obligation to Display your ACL number’ for further information.
Author: Kathryn Wardrobe