Ensure 'shop is in order' with voluntary audits

by Adam Smith08 Dec 2011

A voluntary audit could save brokers who are "innocently" non-compliant, a top broker has said.

MPA Top 100 Broker Ian Jordan of the Selector Group has told Australian BrokerNews his business will undergo a voluntary audit in the New Year, which he said will ensure that "the shop is in order".

"The voluntary audit was offered by our aggregator Vow even though we have our own licence, which I thought was a very proactive move of them," Jordan said.

The business will also bring on a junior staff member external to the mortgage process who will conduct audits and advise management on any necessary corrections.

Jordan said voluntary audits could keep brokers safe amid the complexity of the NCCP regime.

"Given the complexities of the new environment and the potential to innocently not follow the regime, we felt that it would be far better to ensure that the shop is in order rather than to cross fingers and hope," he said.

Related stories:

Licence renewal more than 'ticking boxes'

Vow fills compliance role

ASIC audits only test of compliance

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