The regulatory landscape has significantly changed, and regulators and lenders now expect more from Australian Credit Licence (ACL) holders and from us, as your aggregator.
To help you meet your compliance obligations we are asking all ACL holders to complete one annual survey which tells us about your process and procedures.
Why are you asking for this?
Due to the changing regulatory landscape regulators and lenders expect more from ACL holders and aggregators. We are under increased pressure from regulators and our lender partners to increase the level of support we provide you. We also want to ensure that we’re here to protect your business.
What is the purpose of this annual survey?
The survey will ask you several questions about your compliance policies and procedures. This will give us an insight into how you operate your business and that you are meeting your legal and regulatory obligations. We are then able to offer you support and guidance should you require it.
Who must complete one of these surveys?
Members who do not operate as a credit representative under Connective’s ACL.
The survey you receive will depend on your role in the business and your relationship with Connective. The following will receive a survey from us to complete:
- You hold an ACL in your individual name or are the director of a company that holds an ACL: You will be asked questions relating to your compliance and regulatory responsibilities as a licence holder. This survey will be sent to all principal owners of a business that holds an ACL however it is only required to be completed once and may be completed by a suitably authorised responsible manager.
- You are a full member agreement holder with Connective (director of a company which holds a Full Member Agreement) but are not an authorised loan writer/associate member under that agreement: You will be asked questions relating to your Connective membership.
- You are an associate member/authorised loan writer: you will be asked questions related to your compliance and responsible lending obligations.
In certain cases, you may receive more than one survey to complete if you fall within more than one of the above categories.
When do I need to complete this?
You’ll receive the survey on an annual basis. We‘ll send out surveys around the same time as your ACL renewal date or the anniversary of the commencement of your membership with Connective.
Hopefully, you will have recently completed or about to complete, your CL50 form which means the answers to our survey should be fresh in your mind.
How long will it take to fill out the survey?
Each survey should take about 10 minutes to complete.
Once I have completed my survey, what next?
We will receive your responses to the survey and may follow up with you if we have any additional questions.
We will also sample check some of the responses we receive. If you are selected, this will involve a conversation with one of our Compliance Support Managers where you will evidence your responses to the survey. Hopefully, this should not take more than an hour of your time unless issues are identified.