Yellow Brick Road upgrades credit licence structure following ASIC concerns

Larry SchlesingerJuly 25, 2013

The finance arm of Yellow Brick Road has changed the way it authorises companies and individuals that offer home loan advice under its Australian credit licence, through its 150 plus franchise network.

This following concerns from ASIC.

YBR Finance has directly authorised over 100 individuals working in YBR branches as credit representatives (loan writers).

ASIC considered that the national credit licensing framework also required YBR to authorise the companies which operate the branches as the companies also act as intermediaries between the licensee and the consumer. 

ASIC acknowledges YBR's co-operation in responding to this issue and says the franchise group is now in the process of authorising the corporate entities directly under its licence.

Those entities can sub-authorise employees or they can be directly appointed under YBR’s credit licence.

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

Editor's Picks

26 Vista Street, Surfers Paradise apartment development, hits 70 per cent sold
Latent Defects Insurance 101: What is the Technical Inspection Service (TIS) Program
City Beat January 2025: Gold Coast property values continue to grow as off the plan enquiries hit near 12-month high
Live parkside in Melbourne for under $500,000
Amalgamated Property Group launches Affinity Broadbeach apartments ahead of construction commencement