Word on the need for a credit licence is still filtering through to lenders and brokers, more than three years after the policy became law. The annual review of the Australian Securities and Investments Commission said it targeted 90 unlicensed entities over the last year. It said one person was convicted of unlicensed trading.  Other surveillance during the year saw 120 advertisements for credit, insurance and deposit products being withdrawn or amended, ASIC said.  It said "a particular focus was on advertising by payday lenders that does not accurately represent the cost of credit."ASIC said it "will also be targeting misleading advertising and sales practices by product issuers, in order to protect consumers searching for yield from the dangers associated with higher risk products."