I have my compliance documents, but I have not reviewed them in a while, is this still OK to provide to Connective?
In the past couple of years, we have seen some big changes in the legislation that governs our industry. If you have not made change changes to your policies and procedures recently then it is likely you are missing some important steps to help evidence, you are meeting your legislative obligations. Not sure if what you have is sufficient? Let us work with you to get your policies up to date.
I am the only loan writer in the business is this program suitable for me?
As the business owner, you need to consider your time, effort, and resources in adhering to your general conduct obligations. It is useful to have a 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. It is your decision to maintain your licence and consider any support services that may assist you with your ongoing obligations
I have 5 loan writers within the business but only 2 do residential mortgages can they all sign up?
This compliance program is targeted at loan writers who provide credit assistance service for residential lending. Loan file audits will be conducted on consumer residential lending.
I have a few direct lender accreditations but most of my deals are submitted through AOL. Will you still audit these files?
Connective will audit loan files that have been completed in Mercury and submitted through AOL.
Do we have to complete the corrective actions?
No, however, it is highly recommended as corrective actions are in line with base-level legislation. Under this program, the onus remains with the director of the license, or the responsible manager to update the policies or remediate the loan files.
Will the Connective Agreement holder have to sign another Agreement for this program?
No, just ensure that you have read and understood the terms and conditions that can be found on the ACL Compliance Program T&Cs wiki page.
How does the $99 plus GST per month get paid?
The payment will be charged to the Connective Agreement holder for each loan writer set up under this program via the current monthly invoicing.
Is the minimum 6-month sign-up period per loan writer or Agreement holder?
The 6-month sign-up period is per loan writer but please contact the compliance team if there have been unexpected changes within your business.
I use Connective’s compliance documents, but I have added some additional commentary is this still ok?
The current templates Connective provide cover the mandatory requirements outlined under the NCCP. As the ACL holder, it is up to you if you want to deviate from the templates provided however you are responsible for ensuring they remain compliant.
Can I just sign up for the 6-month period and then cancel?
Yes, however, please note we will need 30 days written notification to firstname.lastname@example.org to process the cancellation.
ACL Compliance Program
ACL Compliance Program- Terms and Conditions