The Loan Market Way - Step 1: Client Discovery
This is the first point of contact with your client. At this stage, it’s important to utilise the Hello Pack.
When digitally sending the Hello Pack from within MyCRM, you can simply tick a box to include the below:
- The Dynamic Credit Guide
- Invitation with interactive link to the Online Fact Find which includes the one touch Privacy Consent
1. The Dynamic Credit Guide
This includes important information about responsible lending obligations, Best Interests Duty and commissions and is dynamically updated with specific information pertaining to your business. This provides your client with what they need to know to make an informed and confident decision when engaging your services (and the services of Loan Market).
You’re legally obliged to provide this to your client as soon as it becomes apparent that you're likely to be providing them with credit assistance. By using the dynamic Credit Guide, there’s no need to capture notes that this was sent as a digital record is created, recording when and how this was provided to your client, thus keeping you safe and saving you time. If you would like to provide your client with a physical copy of the Credit Guide instead, this must still be generated in MyCRM from within the client’s application.
2. Invitation to the Online Fact Find
The Online Fact Find is a critical tool in meeting both your responsible lending and best interests obligations. It also includes the one touch Privacy Consent which allows your clients to digitally agree to the Loan Market Privacy Consent ensuring you remain compliant.
As part of your responsible lending obligations, you must make reasonable enquiries about your client’s financial situation, requirements and objectives. Although the responsible lending obligations and the Best Interests Duty are separate obligations, the information gathered for the purposes of responsible lending may help you to determine what’s in your client’s best interests. The Online Fact Find is the first step in capturing this information.
Within the Hello Pack you can choose whether to send your client(s) an invitation to commence entering their information in the Online Fact Find. This will provide your client(s) with the opportunity to enter information you require to provide credit assistance. Any information entered into the Online Fact Find will automatically be captured within MyCRM and provide an audit on who entered this information and when.
For clients whose preference is not to use the Online Fact Find, a PDF version is available, however this information must then be entered directly into MyCRM. The client must then also complete the standalone Privacy Disclosure and Consent Form.
You should always seek to validate the information provided, making further enquiries in order to obtain complete and accurate information. As per RG273.41, if critical information is not obtained when enquiring about a client’s circumstances, you should refrain from making a recommendation.
Loan Market has its own Privacy Consent which allows you to handle your client’s personal, financial and credit information. You must have this consent completed in addition to any consent required by the chosen lender, as the lender’s form will usually only enable dealing with credit and personal information by the lender.
This Privacy Consent can be provided to the client via the Online Fact Find or a standalone Privacy Disclosure and Consent form and should be completed at the time of collecting personal information from the client. In doing so, you ensure your clients are notified at the time of collecting their personal information:
- what type of personal information is being collected;
- who that personal information will be disclosed to; and
- how we and you use that personal information.
The Privacy Consent must be completed prior to accessing a credit report (allowing you to be an ‘Access Seeker’ on your client’s behalf).
Additional information to keep you safe (including for BYOB and ACL Holders)
For more information please email firstname.lastname@example.org