How long does the process take to complete? What is the process?
Once we have received all of your supporting documentation and confirmed acceptance of your application, it takes about 3-5 Business days following cessation from your existing Licensee.
Why would I be a Credit Rep with Pursuit Broker Services, rather than my aggregator?
Pursuit Broker Services gives you flexibility. You can choose any aggregator; therefore, you have access to off panel lending, no commission splits, strong compliance support (including access to CompliFast) and cost-effective pricing.
Do I need to advise my aggregator before I sign-up with Pursuit Brokers Services?
No. You are appointed under Pursuit Broker Services first, then you can advise your aggregator. Some aggregators may cease you immediately from when you notify them, and if an appointment hasn't yet occurred with Pursuit Broker Services, then you may have several days without being able to trade.
You can be a Credit Rep under two licensees (Pursuit Broker Services and your aggregator) for a short period of time, whilst the change-over is occurring.
Why do I need to appoint a Corporate Entity?
This relates to your business structure and commission payments from your Aggregator, if you have a Corporate Entity that receives commissions then that entity needs to be appointed as a Credit Representative first.
Do I have to appoint a Natural Person under the Corporate Entity?
Yes, a Corporate Entity can't physically do the credit activity, there must be a natural person under this entity that is submitting the loans etc and therefore that person also needs to be appointed.
Does Pursuit Broker Services provide PI Insurance / AFCA membership to cover me?
No, Pursuit requires its representatives to have their own PI Insurance / AFCA Membership in place and current.
AFCA have said I need to obtain a letter from the licensee to get a membership with them?
Yes, we can provide you with a letter of intent to attach to your membership application for the AFCA/ MFAA or other industry bodies.
Do I need to have AFCA Membership for both entities (Corporate Entity and Natural Person)?
Yes. Our requirement is that all entities (Natural Person and Corporate Entity) being appointed as a Credit Representative must hold their own separate AFCA membership.
I am a new start-up and don't have a breakdown of $ value of credit assistance for last year, what do I do?
That's fine but you should have some projections of what you have budgeted for in the first year. This figure will give us an idea of what sort of volume you plan on writing.
What is the cost associated with being a Pursuit Broker Credit Rep?
$300 establishment fee plus $147.50 per month ongoing. There is an annual ASIC Supervisory Levy. The actual rate is advised to us in February each year. Current estimates are $153.00 per natural person representative and per company. This is a very cost effective way to manage cashflow. GST will be added to these fees.