The Combined Industry Forum (CIF) recommends that brokers disclose their top six lenders and the percentage of settled business in the previous financial year in their compliance disclosure documents. Learn more.
Mercury Nexus automates the process, by populating Credit Guide based on loans settled within Connective’s panel of lenders. All brokers operating under Connective’s ACL must use the Credit Guide. We also recommend ACL holders and their authorised credit representatives also use it.
In order to accurately represent the data, if you submit loans to lenders who are not on Connective’s panel you will need to manually enter the information. You will also need to manually enter data for lenders who are no longer on Connective’s panel but who may have been during the reporting period.
How do I update my Top Six lenders?
You can manually update your top six lenders as follows:
- Open the Accreditations app.
- Select the Lender you would like to update.
- Click the Update Status button.
- Under Top 6 Lender, check Yes.
- Click Submit.
- Updating the lenders in the Accreditations app will automatically add them to your Credit Guide.
What happens if I’m new to Connective?
A disclaimer will automatically populate on your Credit Guide advising of your start date and your status as a new representative of your ACL. Once you have settled data, the disclaimer will be automatically removed and replaced with your top six lenders.
What happens if I’m existing member and breakaway to a new business?
Any manual changes to your top six lenders will override the top six lenders that are generated from the Commissions App.