We’ve been operating SalesKey since February this year and over the past 9 months have met with dozens of brokers, aggregators and lenders. We’ve also been privileged to work alongside a number of savvy Brokers to conduct business and compliance health checks. For many of our new business partners, we now provide ongoing compliance advice and support.
Throughout these many consultations we’ve noted an openness in discussion; given we are independent with no alignment to an aggregator, lender or insurer. We recognise and truly appreciate this transparency and the trust placed in us!
What these discussions have demonstrated is that our industry really has done a terrible job when it comes to the implementation of the NCCP Act… over 9 years ago now!! Experienced brokers, new-to-industry, large or small… there are still many doubts as to “what is the right way”.
To emphasise how alike most of us are, we thought it worthwhile to share the 10 most commonly asked questions re: NCCP and general licensing. We suspect many of these will ring a bell with you…
- How much verification of what a customer tells me is enough?
- Do I need to work out the client’s exact capacity, or can I leave that to the lender?
- If I collect bank statements, do I need to review them?
- Can I use a verbal privacy consent before running a credit check?
- What disclosure documents does the customer need to sign?
- What needs to be kept in the loan file?
- Is it ok to only keep electronic copies of loan documentation?
- What is the minimum PI insurance cover I need?
- Is it necessary to check my credit rep’s loan files?
- Is there anything formal needed in regard to my referrer arrangements?
Obviously there is still so much confusion and fear in our industry and really, there shouldn’t be. Unfortunately, we continue to have a lack of direction from our regulator and some poor examples of leadership from many aggregators and lenders. Though to be fair, everyone is a little conflicted!
This is exactly why we started SalesKey… to educate, support and empower Finance Brokers from an independent perspective:
We encourage each of you to empower yourself with greater knowledge, but also greater support. The standards of compliance and regulatory oversight is set to increase markedly next year, so why not get ahead of the curve. We’d love to discuss any of your concerns or questions and help to create a Better Outcome for you and your business.
Call us on 1800 954 488 or email [email protected] for more information.