Varying credit licence conditions

The variation application will be pre-filled with the current other (non-authorisation) conditions on your credit licence. You should select each of the conditions that you are applying to vary.

You will then be asked to provide reasons why you consider each of these conditions should be varied. You should include all of your submissions in support of your application. If you do not have enough room for your submissions, you can provide a document that sets out your submissions.

Changes to key people

If you apply to change the key people named on your credit licence, you will need to:

  • identify:

    • any key person who has left, or is leaving, your business; and

    • each responsible manager that you wish to rely on instead;

  • provide an explanation of why there needs to be a change to your key people; and

  • provide reasons why the change to your key people should be allowed. This should include your explanation of whether each responsible manager that you wish to rely on has sufficient knowledge and skills to replace the key person, and is a fit and proper person to engage in credit activities.

If you are applying to change this condition, you will also be presented with questions that ask for details of your ‘fit and proper people’ and supporting information about those people.

If you have previously provided us with information about each responsible manager that you wish to rely on, you can rely on this information (which will be pre-filled in your variation application). However, you should review this information and update it as appropriate for your variation application. We may decide to refuse your variation application if:

  • the information that you have previously provided is out-of-date; or

  • we otherwise consider that it does not demonstrate that you have the capacity to engage in the credit activities that are, or would be, covered by your credit licence if the variation were granted.

If you have not previously provided us with details of each responsible manager that you wish to rely on, you will need to provide the details and supporting information that is requested.

This information comes from Regulatory Guide 204.

Last updated: 20/10/2014 12:00