❓ A WA parliamentary question seeks information on the qualifications and licensing of finance brokers, revealing that while specific qualifications aren't mandated by law, the Supervisory Board can impose conditions for further study. The Minister's response clarifies the Board's practices and limitations in tracking employment details.
AnsweredQoN 32Legislative Assembly
QuestionView source ↗
(1) How many licensed Finance Brokers are there in Western Australia? (2) Are Finance Brokers required to have a qualification as a condition of obtaining a licence? (3) How many Finance Brokers have a conditional licence related to completion of that qualification? (4) Is it true that the usual condition is to allow a conditional licensee 2 years to complete their qualification? (5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister
AnswerView source ↗
Answered
7 September 2000
Response time
29 days
(1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(2) Are Finance Brokers required to have a qualification as a condition of obtaining a licence? (3) How many Finance Brokers have a conditional licence related to completion of that qualification? (4) Is it true that the usual condition is to allow a conditional licensee 2 years to complete their qualification? (5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(3) How many Finance Brokers have a conditional licence related to completion of that qualification? (4) Is it true that the usual condition is to allow a conditional licensee 2 years to complete their qualification? (5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(4) Is it true that the usual condition is to allow a conditional licensee 2 years to complete their qualification? (5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(2) Are Finance Brokers required to have a qualification as a condition of obtaining a licence? (3) How many Finance Brokers have a conditional licence related to completion of that qualification? (4) Is it true that the usual condition is to allow a conditional licensee 2 years to complete their qualification? (5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(3) How many Finance Brokers have a conditional licence related to completion of that qualification? (4) Is it true that the usual condition is to allow a conditional licensee 2 years to complete their qualification? (5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(4) Is it true that the usual condition is to allow a conditional licensee 2 years to complete their qualification? (5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(5) If so, how many conditional licensees have remained licensed without completing their qualification in the 2 year time frame? (6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
(6) Will the Minister detail which Finance Broking firms have these conditional licensees employed by them? Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
Answered on 7 September 2000 The Minister Replied: (1) 481 (2) No. The Finance Brokers Control Act 1975 does not require a person to have any specific qualifications in order to obtain a finance broker's licence. However, the Finance Brokers Supervisory Board has an obligation to satisfy itself that applicants for licences are qualified by way of experience or otherwise before granting a licence. In the past, the Board has granted licenses subject to the applicants undertaking and completing relevant studies within a specified time frame - generally less than 12 months. It is now the policy of the Board to defer approval of applications until completion of those studies by the applicant. This requirement may be varied where the Board is satisfied that the applicant has appropriate and verifiable experience in finance broking. (3) 59 finance brokers currently hold licences which were issued by the Finance Brokers Supervisory Board with conditions that the licence holders complete particular courses of study or subjects within a specified period of time. (4) No. When the Board has granted a conditional licence, the period of time it allowed the applicant to complete a nominated course or subjects varied according to the experience or other relevant qualifications of the applicant. The Board did not generally allow 2 years in which to complete any specific qualifications. (5) Not applicable. (6) This information is not available. The Finance Brokers Control Act does not require the Board to maintain records relating to the employment of licence holders.
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