Suite 104

282-290 Oxford St

Bondi Junction

NSW 2022

phone: 1300 669 605

Email: info@hlkgroup.com.au

Website: http://www.hlkgroup.com.au

Sydney, AUSTRALIA - HLK Group Shares ASIC Licensing Views on Credit Activities

ASIC Regulates Consumer Credit and Leases Under Australian National Credit Legislation.

The Australian Securities and Investment Commission (ASIC) recently announced that for businesses to engage in credit activities, it must be in possession of a credit licence, or it must be an authorised representative of a credit licensee that is authorised to advise on and offer the specific products that the business desires to engage in.

ASIC Licensing is regulated by the Australian Securities and Investment Commission under the National Credit Legislation under guidance of the National Credit Code. The regulator aims to set structures and regulations in place to ensure that consumers are treated fairly. ASIC hopes to create a new wave of financial advisers who will be respected for providing services that are in the best interest of the consumer, rather than a quick profit for the adviser.

The National Credit Code contains the requirements for entering the field of financial advice and the way in which consumer leases and credit contracts are handled. All advisers who have fulfilled the requirements will understand their obligations under the Code and take responsibility for their role in providing sound advice to the consumers whom they influence.

The National Credit Act also contains regulations for those individuals involved in assisting consumers with obtaining consumer leases or credit contracts. Regulations involve licensing procedures and compliance with responsible lending guidelines. These guidelines are aimed at ensuring that consumers’ best interests are protected. In doing so, the aim is to cultivate a generation of financial advisers who are motivated to provide services based on the needs of their clients, rather than their own.

The Australian Securities and Investment Commission has issued detailed guidelines to help both existing and aspiring financial advisers to understand their legislative obligations and the credit licensing process. The regulator is working on establishing a comprehensive remedial system for the failure to comply with the regulations.

“Here at HLK Group, we strive to ensure that all our authorised representatives meet all the entry requirements of the industry,” says CEO of HLK Group. “We also maintain a high level of compliance within the company and we have structures in place to help our authorised representatives to achieve that.”

HLK Group connects investors with money managers and also offers assistance to potential authorised representatives looking to enter the financial services industry. For more information, contact 1300 669 60