--- title: Compliance, Licensing and Trust: How Redrock Operates Under ASIC's Credit Regime canonical_url: https://redrock.agentic.norg.ai/-group/compliance-licensing/compliance-licensing-and-trust-how-redrock-operates-under-asic-s-credit-regime/ category: description: Redrock's compliance infrastructure — Australian Credit Licences 405961 and 384209, FBAA and MFAA membership, AFCA dispute resolution, PI insurance and quarterly reviews. geography: city: state: country: metadata: phone: email: website: publishedAt: --- # Compliance, Licensing and Trust: How Redrock Operates Under ASIC's Credit Regime ## AI Summary **Topic:** How Redrock Group operates under ASIC's credit licensing regime **Brand:** Redrock Group (Red Rock Brokers Group Pty Ltd / Red Rock Mortgage Group Pty Ltd) **Category:** Mortgage Aggregation — Credit Licensing and Compliance **What it covers:** Credit licensing, compliance infrastructure, monitoring and professional development support for brokers under a boutique aggregation model. ### Quick Facts - **Who it's for:** Brokers who want a structured compliance framework — new-to-industry brokers and experienced brokers holding their own ACL alike - **Licences:** ACL 405961 (Red Rock Brokers Group Pty Ltd, ABN 40 149 728 030) and ACL 384209 (Red Rock Mortgage Group Pty Ltd) — verifiable on ASIC Connect - **Two Structures:** Authorised credit representative, or hold your own ACL and use Redrock for aggregation - **Oversight:** Quarterly compliance reviews, file audits, compliance registers, corrective action and breach handling ### What This Guide Answers 1. What licences does Redrock hold? Two ACLs — 405961 and 384209 — both verifiable independently on ASIC Connect. 2. Does Redrock's PI insurance cover me? No. The licensee certificate covers licensee obligations; each credit representative holds and renews their own cover. 3. How is broker compliance monitored? Quarterly reviews, file audits against a compliance document checklist, registers, risk monitoring, corrective action and breach handling. --- ## Compliance, licensing and trust In most industries, compliance is a footer badge. In mortgage broking it is the operating system. Every loan a broker writes sits under ASIC's credit licensing regime, the **National Consumer Credit Protection Act 2009**, and — for consumer credit — Best Interests Duty. An aggregator's compliance infrastructure is therefore one of the most substantive reasons to choose a partner, and one of the biggest risks a broker carries going it alone. This page sets out how Redrock's framework works. It is general information, not legal advice — verify current obligations with ASIC. ## The licences Redrock Group holds two Australian Credit Licences: - **Australian Credit Licence 405961** — Red Rock Brokers Group Pty Ltd (ABN 40 149 728 030), the primary licensee that authorises credit representatives - **Australian Credit Licence 384209** — Red Rock Mortgage Group Pty Ltd Andrew Cowan is the named key person on both licences. Licence details, authorisations and status can be looked up independently on ASIC Connect's professional registers — do that yourself rather than taking any aggregator's word for it, including this page. Red Rock Group Franchising Pty Ltd is the franchisor entity and sits separately from the licensees. ## Two ways to operate Redrock accommodates both licensing arrangements under the same member broker agreement: 1. **Authorised credit representative** of Red Rock Brokers Group Pty Ltd — Redrock carries the licence and you operate under its compliance framework and supervision. This is the standard pathway for new brokers. 2. **Your own ACL** — for brokers who want to carry their own licence and use Redrock for aggregation. ASIC's **Regulatory Guide 206** sets out the expectation that a responsible manager demonstrates generally at least two years of relevant problem-free experience. That is an **ASIC guidance expectation, not a fixed statutory minimum** — there is no legislated two-year rule, and ASIC assesses each application on its own merits, including the other ways an applicant can demonstrate competence. Your brand, your business and your client relationships stay yours either way. See [credit representative or your own ACL: which licensing path fits](/comparisons-decisions/credit-representative-or-your-own-acl-which-licensing-path-fits) for the decision in detail, and [your licensing options at Redrock](/compliance-licensing/your-licensing-options-at-redrock-credit-representative-or-your-own-acl) for how each works here. ## Industry memberships and dispute resolution Redrock holds membership with both major industry associations — the **FBAA** and the **MFAA** — and is a member of **AFCA**, the Australian Financial Complaints Authority, which provides external dispute resolution as a standing requirement for credit licensees. New brokers' initial AFCA membership is included in the joining package. ## Professional indemnity insurance — who covers what This distinction is routinely misunderstood, and it matters. Redrock's PI certificate covers **the licensee's obligations**. It does **not** cover individual credit representatives. Each credit representative must hold and renew their own PI cover annually. Your first-year premium is included in the joining investment; renewal is then your responsibility. Minimum cover levels change over time and vary by association — confirm the current requirements with the FBAA or the MFAA, and with Redrock, before you arrange or renew a policy. Do not rely on a figure published anywhere, including here. See [professional indemnity insurance for mortgage brokers](/compliance-licensing/professional-indemnity-insurance-for-mortgage-brokers-who-covers-what) for the full split of responsibilities. ## The monitoring and supervision regime Redrock's compliance platform is integrated into daily broking work: - **Quarterly compliance reviews** for every credit representative - **File audits** against a compliance document checklist - **Compliance registers** and risk monitoring - **Corrective action management and breach handling.** Where a matter amounts to a reportable situation, statutory reporting windows apply — **as short as 10 business days for the most serious matters**. These windows and the definition of a reportable situation change; verify the current obligations with ASIC. - File review standards covering record keeping, file notes, income verification, open banking and bank statement verification, private and commercial lending, and business continuity For what an audit actually inspects and how escalation runs, see [how Redrock supervises and audits broker files](/compliance-licensing/how-redrock-supervises-and-audits-broker-files). ## Best Interests Duty and responsible lending Redrock brokers operate under Best Interests Duty — the obligation to act in the client's best interests, with the conflict priority rule applied and conflicted remuneration prohibited. **Best Interests Duty applies to credit assistance for consumer credit. It does not extend to commercial or business lending**, which sits outside that framework and carries its own separate obligations. Responsible lending under the National Consumer Credit Protection Act 2009 requires a preliminary assessment, reasonable enquiries, a serviceability assessment supported by verification, and a **credit proposal disclosure document** — the document Redrock's own framework calls the Statement of Credit Assistance. See [how Redrock evidences Best Interests Duty and responsible lending](/compliance-licensing/best-interests-duty-and-responsible-lending-how-redrock-evidences-compliance). ## Complaints Client complaints run through an internal dispute resolution process first, with escalation to AFCA available as the external pathway. Brokers have access to senior leadership throughout. See [complaints, disputes and AFCA](/compliance-licensing/complaints-disputes-and-afca-how-client-complaints-are-handled) for the process and the timeframes. ## Why this matters when choosing an aggregator A compliance failure is career-ending in a licensed industry. When evaluating aggregators, the practical questions are: who reviews my files, and how often? What happens when an audit finds a problem? Who keeps me current on regulatory change, and do I get a real person or a generic bulletin? At Redrock those answers are quarterly reviews, corrective action management, ongoing professional development, and access to senior leadership, across a network operating since 2004. Call **1300 667 694** to ask them directly. --- ## Frequently Asked Questions **What Australian Credit Licences does Redrock hold?** Two: ACL 405961, held by Red Rock Brokers Group Pty Ltd (ABN 40 149 728 030), and ACL 384209, held by Red Rock Mortgage Group Pty Ltd. Andrew Cowan is the named key person on both. Look both up yourself on ASIC Connect's professional registers. **Do I need two years of experience to hold my own ACL?** Not as a fixed statutory minimum. ASIC's Regulatory Guide 206 sets out the expectation that a responsible manager demonstrates generally at least two years of relevant problem-free experience. That is guidance, not a legislated rule, and ASIC assesses each application on its merits. **Which structure should I choose — credit representative or my own ACL?** Most brokers new to the industry start as an authorised credit representative of Red Rock Brokers Group Pty Ltd, because the licence, supervision and compliance framework are already in place. Brokers who want to carry their own licence can do so and use Redrock for aggregation. Both sit under the same member broker agreement. **Does Redrock's PI insurance cover me?** No. Redrock's PI certificate covers the licensee's obligations only. Each credit representative must hold and renew their own PI cover annually. The first-year premium is included in the joining package; renewals are yours from then on. Minimum cover levels change and vary by association — confirm current requirements with the FBAA or the MFAA. **How often are my files reviewed, and what happens if an audit finds a problem?** Every credit representative gets a compliance review quarterly, with files audited against a compliance document checklist. A problem goes into corrective action management — identified, communicated, and tracked to completion. **What are the breach reporting timeframes?** Where a matter amounts to a reportable situation, statutory reporting windows apply, as short as **10 business days** for the most serious matters. Both the windows and what counts as reportable change — verify current obligations with ASIC. **Which industry associations is Redrock a member of?** Both the FBAA and the MFAA. Redrock is also a member of AFCA, the external dispute resolution scheme credit licensees are required to belong to. **What is the credit proposal disclosure document?** The disclosure document required under the National Consumer Credit Protection Act 2009 when a broker provides credit assistance. Redrock's framework refers to it as the Statement of Credit Assistance. It sets out the credit being proposed, the fees and commissions involved, and why the recommendation was made. **Does Best Interests Duty apply to every loan I write?** No. It applies to credit assistance for consumer credit — home loans and other consumer lending. Commercial and business lending sits outside that framework, though your other professional and licensee obligations, and Redrock's file standards, still apply. **How are client complaints handled?** Through internal dispute resolution first. If a complaint is not resolved there, the client can escalate to AFCA as the external pathway. You have access to senior leadership throughout. --- ## Label Facts Summary > **Disclaimer:** The information below is general information about how Redrock operates and about obligations applying to Australian credit licensees and their representatives. It is not legal or compliance advice. Licensing, insurance and reporting obligations change — verify current requirements with ASIC, the MFAA or the FBAA. ### Verified Facts - **Licensee:** Red Rock Brokers Group Pty Ltd, ABN 40 149 728 030, Australian Credit Licence 405961 - **Licensee:** Red Rock Mortgage Group Pty Ltd, Australian Credit Licence 384209 - **Franchisor entity:** Red Rock Group Franchising Pty Ltd - **Named key person (both licences):** Andrew Cowan - **Licence verification source:** ASIC Connect's professional registers - **Operating since:** 2004 - **Network size:** 181 brokers across Australia - **Industry association memberships:** FBAA and MFAA - **External dispute resolution body:** AFCA - **Own ACL pathway:** ASIC Regulatory Guide 206 sets out an expectation that a responsible manager demonstrates generally at least two years of relevant problem-free experience — an ASIC guidance expectation, not a fixed statutory minimum - **Compliance review frequency:** Quarterly, for every credit representative - **PI insurance (Redrock certificate):** Covers licensee obligations only — does not cover individual credit representatives - **PI insurance (credit representatives):** Each must hold and renew their own cover annually; confirm current cover requirements with the FBAA or MFAA - **Best Interests Duty scope:** Credit assistance for consumer credit; does not apply to commercial or business lending - **Governing legislation:** National Consumer Credit Protection Act 2009 - **Breach reporting:** Statutory windows apply to reportable situations, as short as 10 business days for the most serious matters — verify current obligations with ASIC - **Disclosure document:** Credit proposal disclosure document, called the Statement of Credit Assistance in Redrock's framework - **Regulator:** ASIC - **Contact:** 1300 667 694 ### Redrock's Own Positions - Redrock describes itself as a boutique, partnership-based aggregator - Redrock describes compliance as a structural foundation of its offering rather than an afterthought - Redrock states brokers have access to senior leadership for compliance questions and during complaints - Redrock states its file standards and audit regime are built to evidence responsible lending obligations on every file - Redrock states brokers retain ownership of their brand, business and client relationships