Some brokers have had their Australian financial services licence applications rejected by the Australian Securities and Investments Commission (ASIC) after receiving faulty advice, according to the National Insurance Brokers Association (NIBA). Professional Development Executive Linda Evans told Sunrise Exchange News some members of an unnamed organisation had been told they needed Certificate 3 in Financial Services to comply, when all they actually needed was Tier One.

Ms Evans says small brokerages are generally having the most trouble with getting their acts together in time to apply. But it’s not too late to get the material together, even if the application has been rejected by ASIC at the first attempt.

“NIBA has introduced a variety of initiatives which are quite intensive so brokers can plough through and get the job done,” she said. “More initiatives will come into play during June for those brokers who are really strapped for time. For those who’ve successfully completed parts of their application, we’ll help them focus on what they haven’t completed.”

“The main issue for applicants is identifying who their authorised representatives are,” she said. “They’re very good at identifying positions within their companies, but they have to look outside the scope in order to identify the appropriate representatives.”