Record Keeping

In order to prove that you have acted in your client’s best interests, maintaining up to date records and clear notes is critical.  In order to support you with this, the Loan Market Way provides you with tools which you can use to meet these requirements. 

ASIC have stated that you should have clear records of:

  • a copy of the responsible lending assessment, which may be provided to the consumer, or the documents and information that would be used to prepare the assessment if it’s requested (Game Plan);
  • relevant conversations with the consumer (notes within MyCRM);
  • save relevant emails (within My CRM)
  • information showing that you acted in the best interests of the consumer (including records of efforts made to educate the consumer);  (MyCRM, Goal Setter, Game Plan)
  • the options and ultimate recommendation you gave and the reasons why, including a detailed description of your decision-making process (Game Plan); and
  • any potential conflict of interest that you’ve identified, and the actions you’ve taken to prioritise the interests of the consumer over your own interests or those of a related party (MyCRM & Game Plan)

Ultimately, note taking, the Goal Setter and the Game Plan are all useful tools in ensuring you meet these requirements.  A failure to have documented ‘evidence’ of what you did, how you did it and why, will mean you’re at risk of failing your Best Interests Duty obligations since you’ll be unable to show otherwise.

Retaining records

Records must be kept for a minimum of seven years to comply with section 120 and 143 of the NCCP Act. Court actions in respect of a breach of duty usually need to be brought within six years of the date of the breach. It’s common practice to retain documents for at least seven years from the date a relationship with the contracting party ends (e.g. the date of discharge or the date a contract is terminated). 

Records must be kept when credit assistance has been provided and BID applies, regardless of whether or not the customer has acted on your advice, whether a loan has been settled or whether you have received any remuneration for providing this assistance.

If you have any questions, please contact