If he is providing Financial Advise he is required to hold a Financial Planning License.
If he is providing any form of Credit Advice then he is required to hold a Credit License or be a Licensed Credit Representative.
The legislation is quite clear and from what you have posted sounds like he has been trading for nearly a year unlicensed.
Suprised ATO has not been down upon him like a ton of bricks as prison sentences have already been awarded out for licensed brokers who have consistantly breached the NCCP legislation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I thought this was the case, mate i just cant believe people take short cuts in bussiness. He not a really close freind but a person i know, and its people like these that give hard working people a bad name when it hits the fan,
Had a chat to this guy on the phone and i was pretty straight out, i got onto it not because of what he was doing but also a personal freind of mine was getting advice.
I thoroughly agree with all the above. We can help the guy with his Australian Credit Licence application but, as Richard says, it's very possible that he also needs an AFSL. Can't help with that one.
My friend is (A) not going to take advice from this person we know and ( she asked this guy for his "credit license number" and called ASIC to follow this up as well.
Their is a growing demand of families, couples or single in Melbourne West, who require cost effective financial advice, budget planning and setting, debt conslidation, money magement education.
Maybe i should get of my ass and start some thing like this!!!
I am looking at doing a few interstate trips (Sydney / Melbourne / Adelaide / Newcastle) to provide such as service to both First Time Buyers and Investors alike as i am getting dozens of enquries from potential clients who appear to be getting extremely poor or no credit advice on matters at all.
Might have to make you my appointment organiser.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes, there are so many people out there who are worse off because they don’t know certain things.
For example there are people out there paying more tax than they should be, missing out on allowances, missing out on centrelink benefits etc because they just don’t know. Others are paying more interest on home loans when they could be getting a refinance at a cheaper rate.
Yes Terry and people who could be significantly worse off because they are still being told to "leave information out" of applications by accredited fp's and brokers because it seems to suit at the time. It is still happening. Craziness. I am getting a couple of these a week ie people who say they were advised to omit facts from applications. There are simply so many options there is no need to taylor the scenario to the lenders policy. If only we could get these people to the right lenders first (that is the ones who's policy fits their scenario) before all the credit inquiries start racking up.
Yes anything involves any form of credit requires a license.
From next year the 18 year girl behind the counter at Harvey Norman selling you a computer on 36 months lease is going to need to be licensed. Same with the second hand car salesman who tells you he will finance any client irrespective of your credit record or income.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes anything involves any form of credit requires a license.
From next year the 18 year girl behind the counter at Harvey Norman selling you a computer on 36 months lease is going to need to be licensed. Same with the second hand car salesman who tells you he will finance any client irrespective of your credit record or income.
Cheers
Yours in Finance
Even a $50 lay-by at the local K-Mart? And your local mobile phone sellers? it's a whole new world out there.
itsandrew
Go as far as you can see and you will see further.
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