Risk and Compliance Recap - August 2021

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 (and we) know that your customer’s data will be safe.
  • You must complete the Google Form (link in the policy) and wait for confirmation from Compliance before you start using the provider. 
  • Regardless of whether the provider has previously been approved you will still need to complete the form so we can keep a record of this and ensure the provider is still acceptable. 

Charging a fee 

This policy has been updated to be more prescriptive around debt management services.

How do I ID clients that are currently overseas?

The verification of identity can be conducted either in person or via a video conferencing platform (Skype, Zoom, Go to Meeting are examples of secure service providers). If the client is overseas, then you may want to verify the ID through a video conferencing platform. 

Where original identification was not sighted (in person or via live video) by the broker, identification must be certified by the use of ZIP ID, a Justice of the Peace (JP) or at an Australia Post with a copy on file. If the client is overseas, then they will need to go to an Australian Embassy/Consulate to get it certified. 

For further information, please refer to our Verification of Identification policy here