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Privacy Act amendments in 2014 have created a new audit process that could affect brokers

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Privacy Act amendments in 2014 have created a new audit process that could affect brokers

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June 05, 2015 03:32pm | News | Greg Ashe

Privacy Act amendments in 2014 contained a requirement that Credit Reporting Bodies have a programme of compliance monitoring audits on their subscriber members and that many of these Credit Reporting Body subscribers will be mortgage brokers.

What you may not be aware of is that Veda Advantage has recently executed its programme of monitoring by sending a form letter to a select group of subscribers, ranging from big lenders to one-person mortgage broking businesses.  The letter is essentially a demand that the subscriber undergoes an independent audit, paid for by the subscriber (not by Veda!) to a standard that meets Veda’s satisfaction.

QED Risk Services has the right solution to assist you if you receive this request from Veda as they have approved the format of our reporting and the way in which we handle the process for brokers. 

If you receive a letter or if you have any queries and would like to know more, please call QED on 1300 817 662.

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