Aggregator launches online compliance tool for brokers

by Miklos Bolza06 Mar 2017
National aggregator FAST has announced a new digital initiative to support brokers with compliance and responsible lending requirements.

In partnership with QED Risk Services, the aggregator has launched QED CompliFast, an online compliance program designed to ensure 100% NCCP compliance.

The tool will be offered to all brokers holding an Australian credit licence (ACL) along with an external review via CompliFast to see how they are meeting their requirements as an ACL holder.

The initiative is the next step in FAST’s commitment to supporting brokers in protecting their business against risk and fraud, said FAST CEO Brendan Wright.

“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.”

“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 the data provided through QED Risk Services will remain confidential, the aggregated information will be delivered to FAST to determine the areas where brokers need more compliance support.

“Compliance and risk management are a critical component 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,” Wright said.

The external review, CompliFast, allows brokers to add value to their overall business, said Greg Ashe, director of QED Risk Services.

“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.

“In fact, over 86% of CompliFast subscribers surveyed have said CompliFast adds value to their overall business rather than just managing their NCCP compliance.”

The platform also lets QED validate the review work which brokers enter into the system, he said.

“Sometimes we may think we’re getting it right, but we may have missed something.”

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COMMENTS

  • by OzBoy 6/03/2017 9:47:25 AM

    Cost? Is this like VOW where the broker will have to pay?

  • by ACL ACL 6/03/2017 11:54:24 AM

    Aggregators - or better still ASIC or the MFAA - should provide a tool once and for all to make compliance 'intuitive'.

    You'd think with 12,000 brokers in the MFAA something could be done for like $100 sign on plus $100 a year?

    An app shooting periodic questions, requiring our input and nagging us would do. Tie it in with our MFAA membership and the CPD module. Make it cost effective.