Introduction agent industry breaches and penalties
Unlicensed or disqualified
Working as an introduction agent whilst unlicensed is against the law. The maximum fine is $30,960.
Disqualifying offences
We will cancel your licence if you’re convicted of a disqualifying offence. You will have 14 days to return your licence to us.
The maximum fine for failing to do so is $3,096.
Change of details
You must advise us in writing within 30 days about any changes to:
- personal and business details
- any aspect of your licence.
The maximum fine for failing to notify us is $7,740.
Trade conduct
You must follow certain conduct if you’re an introduction agent. If you do not, you risk being fined.
| Type of offence | Maximum penalty |
|---|---|
| Employing a person under the age of 18 | $30,960 |
| Having clients under the age of 18 | $30,960 |
| Not conspicuously displaying licence at the place you do business | $30,960 |
| Not displaying licence on all communications with actual or potential clients | $30,960 |
| Not following prescribed restrictions on payments | $30,960 |
| Failure to give full refund as required | $30,960 |
| False representations by introduction agents, employees or associated persons | $83,592 |
Inspector's powers
Inspectors have the legal authority to make sure that you don’t break the law. You must follow their lawful directions, or you risk a fine.
| Offence | Maximum penalty |
|---|---|
| Obstructing an inspector or someone helping an inspector in the exercise of powers | $30,960 or 1 year imprisonment |
| Fail to comply with an information requirement of an inspector | $30,960 or 1 year imprisonment |
| Fail to comply with a personal details requirement of an inspector | $7,740 |
| Fail to comply with a document production requirement of an inspector | $30,960 |
| Knowingly give false or misleading information or a document containing false or misleading information to an inspector | $30,960 or 2 years imprisonment |