What is an ASIC Information Broker and Why Do You Need One?

October 18, 2021

When it comes to data, life can quickly become confusing. How can you source the information you need accurately and efficiently?

In Australia, there are many rules surrounding data and how it can be used by businesses. More than ever, it’s important that you have access to the right support to access reliable information while adhering to strict regulations.  

What is an information broker (also known as a data broker)?

An information broker’s job is to work closely with data, procuring, processing, and curating information for easy comprehension and use.  

Information brokers use advanced data-tracking and sourcing technology, making it possible to obtain key information relevant to a range of corporate functions. Information brokers are experts in data and document retrieval.  

Materials produced by a broker may include ASIC extracts consisting of directorship & shareholder information, historical company records, certified documents, and more as relevant to specific companies or individuals to assist in things such as corporate decision-making or Know Your Customer (KYC) processes.

Far from simply sourcing data, an information broker is also responsible for organising and packaging information so that it is easy to understand and work with.  

Brokers rely on high-level analytical skills to research and decode information, then to create technical communications materials that strike the perfect balance of clarity and accuracy.

Why should you choose an ASIC approved information broker?

When choosing a broker, it’s important to look for ASIC approval. This means that the broker is registered with the Australian Securities and Investments Commission (ASIC).  

By choosing an ASIC-approved information broker, you can be confident in your broker’s adherence to legislation and policies surrounding data and information. You’ll know that information has been obtained ethically by a broker with a high level of ASIC knowledge and that all data is compliant with government regulations.  

Additionally, ASIC-approved information brokers have direct access to the data registers administered by ASIC. These systems hold substantial information that makes it much quicker and easier to obtain accurate data.

Why is working an ASIC approved information broker important?

ASIC-approved information brokers can provide detailed information to help with financial management, corporate decision-making, debt collection, KYC and conflict resolution.  

Your ASIC-approved information broker can support you and your company to make well-informed choices that benefit your company, your staff, and your overall business goals and responsibilities.  

What are the signs of a good ASIC information broker?

When choosing a broker, clarity of communications should always be a priority.  

Look for an ASIC-approved broker who is honest about information sources, financial management, and data retrieval processes. It’s important to find a skilled ASIC-approved broker whom you feel confident and comfortable working with.  

Does your broker have a strong professional reputation or experience working with other clients in your industry? Is data clearly communicated in a timely manner? Are you looking for ASIC company extracts or other information as well?  

Your answers to these questions will help you identify whether you’ve found the right broker to suit your needs.  

What industries can benefit from the help of an ASIC approved information broker?

ASIC-approved brokers offer high-value ASIC extracts and data packages.

Companies in certain industries are more likely to need the support of a skilled ASIC-approved information broker.

Frequently, financial services companies, including debt collection agencies, investment institutions, and cryptocurrency businesses, need to rely on data obtained by ASIC-approved information brokers.  

Data might be used to settle payment disputes, manage financial information, or assist with Know Your Customer (KYC) obligations.  

ASIC-approved information brokers also often help legal providers, including investigators, and mercantile industry companies.

In these instances, collected data can be used to identify individuals and corporate entities or to inform purchasing, selling, and other trade-related businesses.

ASIC extracts allow companies to facilitate smooth and effective corporate processes.  

If you’re searching for a professional ASIC-approved information broker to help you produce detailed ASIC extracts for your business, Acceleon can help.

We are ASIC-approved, ISO 27001 accredited and highly experienced. Contact us today to find out how we can help you.