The last couple of years have seen huge change in the regulatory landscape for our Members. With a busy business to run and so many moving parts to keep track of, our ACL holders may struggle to feel in control of their compliance obligations.
Connective have developed an offering to help give you the peace of mind that comes from knowing your loan files and governance documents are up to standard with minimal investment of your time and resources. The ACL Compliance Program offers you an independent review of your adherence to relevant legislation.
Through a review of your governance frameworks, Connective will provide feedback and support, giving you peace of mind that your policies and processes are meeting current regulatory requirements. In addition, there is ongoing support with periodic file reviews which provides feedback and best practice tips on NCCP, responsible lending, Best Interests Duty, Privacy and AML.
While the ACL holder is still responsible for ensuring legislative obligations are met, this program is designed to work alongside your existing compliance framework, saving you time and giving you confidence, you have everything covered.
What is included?
Consultation with licensee / principal
The initial consultation is conducted to provide feedback and guidance on your current governance plans, policies, and registers to assist you in adhering to ASICs general conduct obligations and ensure you are meeting regulatory requirements. Governance documents should be provided 7 days prior to Consultation (if not already on file) to allow Connective to review prior to the consultation.
The induction is delivered to your residential loan writers via an online interactive workshop. Connective will share best practice tips and outline the file review process; your team will also get the chance to ask questions and gain insight into what we have seen work well and not so well for other groups. Your team members and other staff such as administration support are welcome to join. It is vital everyone in the business understands the importance of compliance and consequences when compliance requirements are not followed.
Broker analytic data
Connective has access to a suite of analytical tools from internal reports to Lender data. Connective sees firsthand the trends within our industry when it comes complaints and investigations. All this information can be shared with you to ensure that you have sufficient controls in place to protect your business.
We will review three residential loan files, per loan writer, every 6 months, providing feedback. Connective will follow up remediation of these files with your loan writers, giving them 7 days to action or acknowledge. You will be reassured, with Connective’s support, that all loan writers within your business are complying with the law and quickly highlight the need for training or further development within your team. This also provides a useful third-party perspective for ACL holders who have been auditing their own files as it can be difficult to remain objective when looking at your own work.
Templates and checklists
Loan file checklists, workflows, registers, and advertising help! We can provide templates and checklists to assist you in maintaining a compliant business.
Are you aware of the types of cyber threats out there and how these could impact your business? These educational modules will be available to you and cover topics such as the types of cyber threats and how cyber security is everyone’s responsibility.
How much does it cost?
$99 plus GST per month per loan writer with a minimum six-month sign-up period.
What do you need to know?
The prerequisites for the above offering are:
You will need to use Mercury as your CRM to enable Connective to audit your files.
Within an opportunity in Mercury, you will need to use and complete:
- Connective’s templated ACL compliance disclosure documents.
- Compliance centre to assist in capturing your Best Interest Duty requirements.
Refer to the programs Term and Conditions available on the WIKI.
How do I sign up?
If you would like to sign up or have any questions send an email to the Compliance Team at email@example.com
ACL Compliance Program Q & A
ACL Compliance Program -Terms and Conditions