The aggregator has restructured its audit process, announcing it will conduct “health checks” in preparation for the incoming best interests duty.
Loan Market Group has revealed that each of its brokers will be subject to audits under the best interests duty (BID) framework ahead of the implementation date on 1 January.
The revamped audit program has been incorporated into the aggregator’s The Loan Market Way platform, which integrates regulatory activities with customer service practices.
According to Loan Market, the audits can be tailored to existing Loan Market brokers, new to network businesses and asset finance brokers.
Loan Market chief compliance officer David McQueen said providing brokers with what has been described as a ‘BID audit health check’ would provide them with a valuable insight into their readiness.
“Loan Market is operating as though BID is already here,” Mr McQueen said.
“From these pre-BID audit health checks, our broker success managers (BSMs) will receive the same report as the business owners, and that’s the process we’ll have from January 1, as well.
“BSMs will sit down with brokers and talk through with them where improvement needs to be made. We have a 1:50 BSM to broker ratio across Australia, so we’re able to provide granular, personalised feedback to keep our network safe under BID.”
Loan Market-branded and Bring Your Own Brand franchises are expected to receive the pre-BID audits before the end of 2020.
“Our BID-audit platform ensures that throughout the breadth of the file process, brokers are adhering to the legislation through their information provision, data gathering, note-taking and product recommendations,” Mr McQueen concluded.
[Related: Former Vow Financial BDM joins Loan Market]
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