As an appointed Credit Representative under Connective's ACL, a request to complete/submit a client’s application to a non-panel lender needs to be referred to our General Manager for approval.
Off Panel Lender request
We don't provide a blanket 'open' approval for a Credit Representative to deal with off-panel lenders. To use an off-panel lender, you must email an approval request to the Compliance team. You must do this each time you wish to use an off-panel lender.
Include the following information in your email request:
- Your customer’s name
- Proposed lender
- Proposed lender AFCA member number
- Reason for borrowing (i.e. purchase / refinance)
- Loan Amount
- Total loan amount (if an advance to an existing mortgage)
- *Security address
- *Security value
- Interest rate
* Not required for personal loans
Your request must also include:
- which panel lenders were considered and why these were not available options for the customer?
- the reason why you need to choose a lender who is not on Connective’s panel. For example, what is the policy requirement that does not fit?
- any other details you think may be pertinent for approval.
Best Interests Duty: how the lender and product have you chosen is in the best interest of the customer(s). - Only applicable for regulated loans.
Note: Refer to the lender's Target Market Determination (TMD) to ensure the objectives, needs, and financial position of a customer fall within that target market for that product.
If you receive a customer complaint relating to a product, you are required to notify the lender.
For any ‘Off Panel’ application, please ensure the following are held in Mercury:
- all detailed notes and correspondence
- supporting documents; and
- NCCP compliance documents
Once all this information is received, Connective will make a decision and advise you accordingly.
In addition to seeking approval to go off-panel you will also need to ensure that your PI insurance covers lenders that are not on Connective’s panel.
Please note Connective will not accept off-panel requests where the lender is not a member of the AFCA scheme.
Please note that in addition to seeking approval to go off-panel you would also need to ensure that your PI insurance covers lenders that are not on our panel.
Please don’t hesitate to contact our Compliance Support team through the Helpdesk on Mercury for any further assistance.TMD: Please refer to the lender's Target Market Determination (TMD) to ensure the objectives, needs, and financial position of a customer fall within that target market for that product.