Email is an essential daily part of our business; we're seeing an increased number of fraudulent emails appearing to come from legitimate sources. These emails are called Business Email Compromise (BEC) and it is a form of phishing. Cyber attackers craft emails that impersonate employees or companies to obtain money or goods fraudulently. This scam is rising in frequency, especially in the construction...
We recently held a webinar where Chief Regulation and Compliance Officer, David McQueen and the compliance team delved into the 7 regulation changes coming this October. These include: Complaints managementBreach reportingDesign and Distribution obligations (DDO)Deferred sales modelAnti-hawkingReference checkingRemediation What’s coming?Throughout September, we will be deep-diving into each cha...
Requirements and objectives: it’s critical that clear and detailed notes are captured in MyCRM confirming the customer’s requirements and objectives and how the recommendation has met these. Check out the Thrive on Tips for BID Proof Note Taking to find out more about how to nail goals, requirements and objectives. MFAA/FBAA Banking Code of Practice training The Banking Code of Practice (BCOP) on...
Broker support services outsourcing policy If you’re considering outsourcing support services check out this policy to understand what steps you need to take in order to set this up. The key points are: The purpose of the policy is to keep you and your customers safe by ensuring you complete effective due diligence on any potential outsourced providers before you start using them so that you (an...
Loan Market Way Audit Program The program is designed to add value to your business with the ultimate goal of keeping you safe whilst also suggesting ways in which you can improve your process so that you can provide great outcomes for your customers. Check out this policy for more information on how the program works. Comprehensive Credit Reporting (CCR) As of Monday June 21 2021, CCR is an accep...
There are updates to the Loan Market Supporting Documents Minimum Requirements. As of Monday June 21, Comprehensive Credit Reporting (CCR) will be considered as an acceptable process for verifying liabilities and meeting ‘reasonable enquiries’ (subject to the requirements of the Privacy Act 1988). You will now have the choice of requesting an Equifax credit report (which can be directly run through MyC...
Whistleblower Policy: The latest version of the Whistleblower Policy can be found in the Important Documents section of MyCRM under the Business Operations tab. The Loan Market Group seeks to encourage any party contracting with any of the Loan Market Group entities to raise concerns about poor or unacceptable practice and misconduct in the workplace by developing a culture where they can raise their con...
Property investment policy updated to be clear that brokers cannot receive a referral fee or similar financial benefit for the referral of a buyer to any real estate or property investment groupAccreditations a reminder if a broker identifies a product that they believe is in their client’s best interests that they aren’t accredited with they must obtain that accreditation or refer the client to ...
Did you know it can take up to 40 business days to process a new lender accreditation request? Some lenders also require current police and/or credit checks which could add a further 14 business days to your application time. What you can do to avoid getting caught out Check your current accreditations in MyCRM and see where you may have gaps in your offeringVisit Springboard to find the lender’s proce...
It's been a busy month down here in compliance! But don't fret, we've got all the latest compliance updates to keep you keep you safe and firing from all cylinders below! Remember, for any compliance questions, reach out to compliance@loanmarket.com.au Re-issuing a Game Plan: this policy covers the different scenarios where you must re-issue a Game Plan and when it is sufficient to leave notes and ...
Remaining in an existing contract - updated the policy for Step 6 of The Loan Market Way to include a section on requirements when recommending a customer remain in their existing contractExpenses and liabilities verification - updated to reflect the change to HECS i.e. no statement of HECs balance requiredVerification of identity - updated to make it clear that two forms of ID are requiredAccreditat...
See the enhancements in action below. Thanks to your feedback, we’ve redesigned the Tasks section within MyCRM to make it easier for you to complete tasks. The new tried and tested design, (seriously, we’ve been working with brokers on this for months), now features better use of space to show you everything you need to see to keep on top of your task list, plus: Tasks now work with a De...
Don’t forget, in order to keep you safe and meet your legal obligations, you must obtain privacy consent from all clients on an application when you start collecting their personal information. This ensures you are complying with the Australian Privacy Principles by notifying your clients (at the time of collecting their personal information): ● What type of personal information is being collecte...
Welcome to 2021! In case you missed any compliance news from last month, we've got you covered. See the December recap below. For any compliance questions, reach out to us at compliance@loanmarket.com.au. Referral agreements - the requirements you and the referrer must abide by, according to the NCCP Act, when referring business Property investment referrals - the Loan Market Group has clear guideli...
We’re on a mission to make your work as easy as possible, so we’ve simplified the way you answer questions surrounding your client’s Future Financial Goals within the Goal Setter and Loan App. With some confusion around the purpose of the Future Financial Goals section, lack of understanding on what was mandatory or not, and fears of stepping too deep into financial advice, the new update will put yo...
REVISED: Wednesday 3, February 2021 Based on your feedback on the recent changes to the Game Plan and MyCRM in regards to conflicts, we’ve revised the original changes and have implemented some short and long term fixes. What's been changed? We've temporarily removed the comparison of the commissions from the Game Plan. As identified, there are some issues with this section which we’ll be fix...
Conflict Priority Rule - what it means and how you can ensure you’re prioritising your client’s interests ahead of your own, or a related third party.Anti-avoidance provision - designed to ensure that the policy intent of the Best Interests Duty (BID) reforms are not avoided through industry or transaction structuringCollection of customer information and privacy - information about privacy r...
Proving that you’re working in the best interests of your customer has never been more important. But on January 1, it won’t just be important, it’ll be legally binding. As part of The Loan Market Way, there will be a change to policy that requires you to prove that you’re communicating with customers when their Fixed Rate or Interest Only periods have almost expired. This will take effect on J...
From today, two new tech tools are available in MyCRM! One-touch Privacy Policy - the most demanded Canny request ever!And, the Dynamic Credit Guide - which automatically pulls your lender split and accreditations (a regulatory requirement). Both new tools keep you BID-safe, save you time and generally make life a tad bit easier! One-touch Privacy Policy. It’s the most requested Canny feature, ...
To support the industry in the lead up to January 1, 2020, the ASIC mortgage broker best interests duty implementation team provided updates to common questions they receive. This update includes responses to the following questions relating to record-keeping and the ban on conflicted remuneration: Will ASIC be reviewing broker files?What can brokers do to demonstrate compliance as of 1 January 2021?C...
Loan Market has evolved our partnership with Google, giving you more access to all that Google Workspace has to offer. What’s changing. 1. Google Chat. From 1 November, you’ll be transitioned onto Google’s newest enterprise-grade collaboration product, Google Chat. Chat has a modern UI, team rooms that support better team collaboration, emoji reactions to make work fun, bots to help you be more pr...
You know The Loan Market Way, it’s our BID-ready time-saving process to ensure you and your business are safe when Best Interests Duty comes into effect in 2021. Now, we are rolling out the new Loan Market Way Audit Program to provide you with support and feedback. The new audit program at a glance: Designed to match the steps of The Loan Market Way Every file will be reviewed in line with Best Int...
There’s a new way to position the cost advantages of your selected product to your customer. Within the Product Finder in MyCRM, (in the Game Plan and the standalone PDF reports) when you add products to your clients’ shortlist and select your recommended product, the generated report will now show you: The total lifetime cost of loan for compared productsA calculation of the difference in total cost ...
As part of your new BID-Bundle pricing package, you now have access to all of Loan Market’s subscription products you know and love, plus some new ones you might not have tried. Total value of this package is $635/month! What you can access as part of the BID-Bundle This BID-ready tool is now FREE (RRP $35 per month). Sign up and start using it with customers in the subscriptions tab in M...