ACL holders must look beyond loan files and monitor a broader range of compliance obligations according to QED Risk Services Director, Greg Ashe. “The NCCP Act covers a host of requirements of which responsible lending is only one – yet, despite this, most commentary in the industry to-date has centred on the transactional nature of loan files and ignored these wider obligations.” Section 47 of the Act contains a long list of general obligations, none of which mention responsible lending per se.
QED Risk Services has launched a new online service for small ACL holders, called QED CompliFast, to perform their own compliance monitoring quickly, easily and cost-effectively. The service can also be used to clearly demonstrate compliance to external parties such as lenders and ASIC – particularly useful with the first ACLs coming up to their anniversary and submission of their annual compliance certificates.
“For the finance broker that couldn’t justify bringing a consultant in to audit their business, we thought ‘What if we could create a decision model that would ask the same questions we would ask and, based on the thousands of possible responses, provide the same report our consultants would provide?’
“The result is a state-of-the-art reporting tool that makes it easy for the Licensee to comply with all their obligations – not just some of them – in a way that absorbs the minimum time and dollar resources from their business.”
QED CompliFast can be accessed at www.complifast.com.au