Loan Market Compliance PD day
Last week Loan Market held their Compliance PD Day, to help it's brokers keep up to date and ahead of any potential changes in the mortgage broking industry. The day focussed on changes that ASIC and APRA are possibly looking to introduce and assisting us to have in place effective means to be able to cope with the changes that are potentially going to happen.
Most importantly of the changes believed to be coming was the need for brokers to perform annual reviews for their clients. I feel this is a need not only to keep inline with what the governing bodies requirements could entail, but also this is a service that I provide to all my clients to make sure they are on the best product for their needs year in year out and if anything changes in their circumstances, we can adjust accordingly. Whether that be negotiating a better rate with their current lender, changing to a package that has products that suit the change in circumstances or re-financing with another lender, the main thing is that the client is being looked after.
Also discussed was the need to ensure clients were informed of options available to protect their asset and their lifestyle. Introducing Wealth Market to our clients gives them the option to pursue protection that they may not have been aware was available to them. Wealth Market can offer all types of protection, explaining the benefits and allowing the client to make an informed decision with their current circumstances taken into account.
Any changes that are introduced, I feel being part of such a pro-active group such Loan Market will ensure that we are best place to continue in business and have little or no impact to our business.