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A credit representative may incur costs such as those required in becoming a member of an ASIC-approved EDR scheme such as the Credits and Investments Ombudsman (CIO) or Financial Ombudsman Service. A licensee may charge a fee for you to be an authorised representative under their ACL. You would need to comply with the licensee’s policies and procedures. You will need to make enquiries of prospective licensees in relation to costs.
The overall costs associated with being a credit representative are less than those required when applying for and maintaining an ACL.
Author: Grant Holley
Co-contributor: Greta Walters