It is expected that the Australian Securities and Investments Commission (ASIC) will start issuing credit licenses from today. It will be issuing these licenses after a three month registration process in which almost 15,000 applicants took part.

The main purpose of National Consumer Credit Protection Act, which was enacted last year, is to improve standards in the financial industry and these are expected to benefit a lot of people. All the Companies, who are providing financial services, including credit, credit assistance and intermediaries, will need to get a credit license from Australian Securities and Investments Commission (ASIC). This will be effective from July 1, 2010.

Companies, who have already got them registered, can keep providing these services and can get the license till December 31, but those who have not got themselves registered, will need to immediately stop providing any type of financial services.

All the Companies need to adhere to some guidelines including membership of Australian Securities and Investments Commission (ASIC) mandated external dispute resolution scheme apart from a declaration that all their officers fulfill the proper criteria as prescribed by the Australian Securities and Investments Commission (ASIC).

The response received by the Australian Securities and Investments Commission (ASIC) has made the agency very happy and optimistic about the future of the National Consumer Credit Protection Act.