December 8, 2011 at 11:47 pm #2408ASIC has recently clarified, in its updated Information Sheet 103, that whenever a licensee has to display its licence number, it must do so in the following format:“Australian credit licence 12345”It is not sufficient to only use an abbreviated form, such as “ACL 12345”.ASIC however, goes on to say that 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.The requirement to display the Australian Credit Licence number on printed advertisements does not commence until 1 April 2012.Author: Kathryn WardrobeOctober 30, 2012 at 1:09 am #3129
Hi Kathryn,Thank you for the information.If a company is also running an AFSL, does this requirement still apply? Are there certain provisions that exempt a business that run both an AFSL and ACL?I only ask this because it would quite simply be overcrowded to include “AFSL & Australian Credit Licence ######”, especially on an advertisement. Would this also apply to business cards? I’ve searched around and can’t seem to find an answer for this.Thanks,RusOctober 30, 2012 at 11:33 pm #3130
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 WardrobeOctober 31, 2012 at 3:06 am #3131
Thanks Kathryn.Much appreciated.