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Finance licence warning

THE Federal Government has advised that most companies can prepare their own applications for a financial services licence.

The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, said some lawyers and consultants were using scare tactics and charging companies exorbitant fees to complete applications ahead of next year’s March 11 deadline.

Fees up to $65,000 were being charged to prepare applications and one consultant was charging $8,000 just to review applications

“There is no compelling need to hire a lawyer or consultant and companies should ignore any suggestions to the contrary,” Senator Campbell said.

 

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