Do credit representatives need to cite their credit representative number (CRN)?

[Archived User]

Currently, the only obligation a credit representative has to cite its credit representative number (and its authorising licensee’s number) is in its credit guide.

 

Pursuant to section 158 of the Act, the credit representative’s credit guide must specify:

 

i. the credit representative’s credit representative number; and give information about
ii. if there are 6 or fewer licensees for whom the credit representative is a credit representative—the names of those licensees; and
iii. if there are more than 6 licensees for whom the credit representative is a credit representative—the names of the 6 licensees for whom the credit representative reasonably believes it conducts the most business.

 

Bear in mind that sub-authorised individual credit representatives will have a different credit representative number to that of the corporate credit representative.  Therefore, the credit guide should contain both the corporate credit representative’s number and the individual sub-authorised credit representative’s number.

 

There is no obligation for credit representatives to cite their credit representative number, or its authorising licensees ACL number, on business cards, letterheads or other marketing material.

 

Please don’t hesitate to call us for assistance.

 

Author: Kathryn Wardrobe

 

[Craig]

Is this information still current?  I’m hoping that it isn’t superceded as I’m struggling to ensure that my obligations are met and I’m a credit rep of one companies ACL and a seperate companies AFSL.

[Michelle Chasser]

Hi Craig,

Thanks for your query.  The information posted by Kathryn above remains correct to date.

Please feel free to contact our financial services team for further guidance about your compliance obligations as an ACL and AFSL representative.

Author: Michelle Chasser

Co-contributor: Amelia Walsh

[Author]

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