QED has recently rounded out a series of discussions that it commenced with the BIG 4 lenders in 2018. Lenders have been manoeuvring to try to mandate how aggregators monitor the compliance obligations of the Australian Credit Licence holder within their group. QED of course has many ACL holders using QED’s existing compliance services including its market leading online technology compliance platform, CompliFast.
The compliance approach that has been discussed with the Big 4, is
- Quarterly use of CompliFast compliance auditing framework and reporting
- An annual independent responsible lending review performed by QED and recorded in CompliFast
- The sharing of these results with the Licensee’s Aggregator
All 4 majors have been overwhelmingly supportive of this approach and feel that it would give them the confidence to deal with small Licensees, knowing that they understand and can demonstrate their performance in relation to compliance, with all their obligations.
Several Aggregator businesses have already embraced CompliFast technology to provide transparency and certainty for aggregators and lenders. But more importantly, its an easy and cost- effective solution for brokers to remain independent in running their businesses their way.
If you would like to know more, please call QED on 1300 817 662.