Transferring licence classes
Information on transferring from a 'C' class (supervised) licence to a 'B' class (independent) licence
Regulation 18 of the Finance Brokers Control (General) Regulations 2005 stipulates that a person must have two years full time relevant experience in the preceding five years in order to be granted a B-class licence.
Persons who do not meet experience requirements in regulation 18 may obtain a C-Class licence which is issued subject to a condition that they carry on business exclusively under the supervision of another licensed finance broker.
A person who has been issued a C-class licence may apply to the Commissioner for Consumer Protection to have the supervisory condition removed from their licence and be granted a B-class licence.
The application should take the form of a letter of request, accompanied by at least two business references from industry participants (including, if possible, their supervisor/ mentor) and a detailed current statement of experience (e.g. curriculum vitae), demonstrating that the applicant satisfies the experience requirements of regulation 18. The business references and statement of experience should therefore detail applicants' relevant experience, including their specific duties and responsibilities, the length of time they have had these duties and responsibilities and how often (e.g. daily, weekly, monthly) they have been required to exercise them.
The application, including supporting documents should be forwarded to the Commissioner by fax on (08) 9282 0559 or by post to Locked Bag 14, Cloisters Square WA 6850.