Major mortgage aggregator FAST has launched a new initiative with QED Risk Services to further support their brokers holding an Australian credit licence, and manage their compliance and responsible lending requirements.
QED CompliFast is an online compliance program designed to ensure 100 per cent NCCP compliance. In addition to this existing self-assessment tool, FAST is now offering all its ACL brokers an external review, via CompliFast, of how they are meeting their requirements as an ACL holder.
FAST CEO Brendan Wright said the new initiative is the next step in FAST’s long-term commitment to supporting brokers to protect their business, their staff and their clients against risk and fraud.
“We have developed and enhanced this arrangement with QED Risk Services for many years now to support our ACL-holding brokers to manage these risks in their business,” Mr Wright said.
“In the current market environment, compliance and risk management has never been more important. Through this initiative, FAST brokers will be able to test their compliance arrangements to ensure they can meet any ASIC or lender reviews with confidence.”
While all data collected via QED Risk Services will remain strictly confidential, the aggregated results will be provided to FAST to determine where brokers need more compliance support.
Mr Wright said compliance and risk management are critical components of running a successful finance broking business.
“We are working together with our brokers to ensure we are delivering the best compliance support possible and will continue to invest in our compliance services to ensure FAST brokers have robust risk frameworks that strengthen their businesses.”
QED Risk Services director Greg Ashe said CompliFast offers brokers a chance to add value to their overall businesses.
“Brokers who have their own ACLs do so because they want to run their business their own way. CompliFast allows them to conduct their own review on how their compliance is going. It helps them to run their business better,” Mr Ashe said.
Over 86 per cent of CompliFast subscribers surveyed said the service adds value to their overall business rather than just managing their NCCP compliance.
“CompliFast also allows for QED to validate the review work which brokers put into the system, because sometimes we may think we’re getting it right, but we may have missed something,” Mr Ashe said.
FAST broker Laurie Parkes said the aggregator’s compliance support was invaluable.
“Compliance is absolutely vital for our business. If not done correctly, brokers are at risk of losing not only their license but also their trail income,” Mr Parkes said.
“Thanks to FAST, we are able to use QED CompliFast which has guided us in the right direction. It is a great value for money proposition.”
[Related: Major bank in court over home lending]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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