In order to assist you in meeting the Best Interests Duty, Loan Market requires you to hold a minimum of 20 residential lender accreditations. This requirement must be adhered to within 3 months of your commencement date with Loan Market.
If you’re still not satisfied that the options you can access and recommend will allow you to act in your client’s best interests, you must refrain from providing credit assistance. However, if you believe another mortgage broker may be able to assist your client you may refer them accordingly.
As per RG273.113, in order to meet the Best Interests Duty you should periodically review these to ensure that your panel remains sufficient. To view your accreditations, access the Accreditations tab in your profile in MyCRM.
In circumstances where holding 20 accreditations is impractical (i.e. regional brokers), this needs to be waived by firstname.lastname@example.org who will also review these accreditations periodically.
Declined, Terminated or Suspended Accreditations
If Loan Market receives notice from a lender that a broker’s accreditation is declined, terminated or suspended, Loan Market will investigate immediately to determine whether the accreditation can be reinstated (if there's no evidence of wrongdoing) or if a further investigation of the broker is required.
For more information please email email@example.com