Australian Broker's online readers say that getting their compliance documentation right is not the headache that others in the industry have claimed that it is.
Following an Australian BrokerNews TV report which showed that some brokers have seen impacts on their business - and have even turned clients away - others say they are coping fine.
Online reader Country Broker (21 May 2012 10:55 AM) said using CRM software that populates all of the disclosure documentation is "not that difficult".
"The system if it is a good one should generate all that you need to give the client ready for signing automatically. I am not that technically minded and I can do this and do not find it a burden," he said.
Ken Crawford (21 May 2012 11:10 AM) agreed.
"The documents used now, apart from some changes to the logos, are very similar to those I was using immediately prior to NCCP," he explained.
"Yes, the privacy document (Credit Guide) might be longer, and yes there can some repetition between Credit Assessment and Credit Proposal documents, but in the main I am taking the same time to do my interviews as I always have."
Steve McClure (21 May 2012 05:11 PM) said if compliance documents are taking too long, then it may be that a broker's forms are poorly constructed.
"ACL holders have to take responsibility for that. But really, turning away clients because of compliance obligations?? Send 'em over," he said.
A Broker (22 May 2012 09:02 AM) said that salespeople are traditionally poorer at doing paperwork, and that perhaps an individuals own work practices may be to blame than the documents themselves.
"Sure, they're an extra layer of complication, but they take perhaps 10 minutes to produce. If brokers are finding that these documents are taking up that much time, maybe they need to hire an admin assistant to free them up from paperwork, thus freeing them up to sell?" he suggested.
Red tape: Brokers caught in compliance trap