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Question: due to increased workloads paul has hired new broker shona...

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Due to increased workloads, Paul has hired new broker, Shona, on a subcontract basis and she will undergo 24 months of mentoring. Shona was formerly a loan processor in her previous role and already holds an FNS40815 Certificate IV in Finance and Mortgage Broking qualification.

  1. As an initial measure to implement a successful monitoring of the authorisation process, discuss with Shona the procedures a responsible manager has to undergo to authorise her as an Authorised Credit Representative (ACR) with ASIC. This process forms part of the agency agreement required under ASIC between Licensee’s and their authorised representatives. Using the table below, complete the process of authorisation

https://asic.gov.au/for-finance-professionals/credit-licensees/credit-representatives/

Undertake background checks on that representative.

  1. Ensure that they are adequately trained to engage in credit activities.
  2. Ensure that they have current external dispute resolution (EDR) scheme membership before the authorisation is given.
  3. Provide written consent to the appointment.
  4. Ensure they have adequate systems and procedures in place to monitor and supervise their representatives (see Monitoring and Supervising representatives).
  1. PROCESS

IMPLICATION 

Background checks 

 

Training requirements 

 

Membership to an EDR scheme 

 

Written consent 

 

Monitoring and supervising 

 

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