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There remains a substantial amount of brokers yet to submit their licence applications, according to Advantedge's Steve Weston, as ASIC sends out a warning to brokers: submit your licence applications now or run the risk of not operating in the new year.
As at today's date only 1500 credit licences have been approved by ASIC.
Furthermore, ASIC has said that applications should be in by Friday next week due to processing implications, despite the cut-off date of 31 December, reports The Adviser.
"Between 8% and 10% of applications are being returned to the applicants, mostly because of incomplete information," said Katherine Morgan Wicks, ASIC's real economy senior executive leader.
Meanwhile, Weston, general manager distribution broker platforms and lending at Advantedge, reports that only 5% of the group's brokers looking to hold their own licence have completed the paperwork, while more than 10% looking to be a credit representative under Advantedge's licence are yet to get their application in.
Speaking to The Advisor Weston called the situation "alarming".
"It has now come down to the pointy end where brokers need to act now or be forced to cease operating," Weston said.
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