ASIC docs in need of a revamp

by Adam Smith15 Dec 2011

A top broker has argued that NCCP documents are in need of a revamp to make them more practical.

MPA Top 100 Broker Justin Doobov of Intelligent Finance told Australian BrokerNews he is working to "streamline" compliance requirements into his business in 2012, but has urged ASIC to follow suit and simplify its required documentation.

“We are hoping that ASIC revamps the documentation requirements of the NCCP and consolidates the amount of separate papers we have to give a client," Doobov said.

With the NCCP regime becoming more familiar, Doobov said the time is ripe for ASIC to rethink its documentation.

"While I can see that the government and ASIC had good intentions when they introduced the NCCP, I think now is the time for ASIC to revamp the requirements to make the delivery of it more practical,” he said.

Doobov said some of the pressure of the regime may be taken off by his business’ new software platform.

“We have already moved onto a new software platform and we are hoping that over the next six months this software evolves to allow us to run our whole business on it.”


  • by anon 15/12/2011 10:19:26 AM

    What new Software is able to handle NCCP - I am curious because most seem to still be getting the heads around it.

  • by PeterT 15/12/2011 11:58:19 AM

    Take a look at Finware's iLend software. It covers you off on multiple aspects of NCCP compliance.

    I'm quite disappointed with the ASIC requirements and the MFAA templates. The pre-NCCP MFAA broker agreement template had more information in a better format difficult format. I'm currently rewriting the documents to my own format (which will contain all of the required information).

  • by JB 15/12/2011 12:30:21 PM

    Yes we do need a revamp of NCCP docs I find clients are frustrated at all the paperwork before we even start to discuss their loan the majority are not interested in detailed needs reviews and some even are not bothered with broker privacy statements they just want to see a selection of home loans and fill in the lenders application form