Risk and Compliance Recap - July 2021

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 acceptable process for verifying liabilities and meeting ‘reasonable enquiries’ (subject to the requirements of the Privacy Act 1988). 

You now have the choice of requesting an Equifax credit report (which can be directly run through MyCRM) to validate the repayment conduct of a client's existing liabilities such as credit cards, personal loans and existing home loans not being refinanced. 

Do I need a referral agreement even if no commission is paid?

Yes. The NCCP Act requires that there be a written agreement with a referrer regardless of whether a commission is paid. 

Referral agreements can be requested via MyCRM, by selecting the “New Agreement” button and completing the referral agreement request form. All agreements are also subject to Loan Market approval.

Click here for further information on NCCP requirements for referrers and referrals.