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ASIC docs in need of a revamp

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Australian Broker | 15 Dec 2011, 04:00 AM Agree 0
A top broker has argued that NCCP documents are in need of a revamp to make them more practical for clients and brokers
  • anon | 15 Dec 2011, 10:19 AM Agree 0
    What new Software is able to handle NCCP - I am curious because most seem to still be getting the heads around it.
  • PeterT | 15 Dec 2011, 11:58 AM Agree 0
    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).
  • JB | 15 Dec 2011, 12:30 PM Agree 0
    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
  • Otto Dargan | 15 Dec 2011, 02:44 PM Agree 0
    I couldn't agree more Justin. The NCCP documents at present confuse customers more than they enlighten them. If the Credit Guide & Credit Quote can be combined into one document with some requirements removed then this would make things much easier.
  • Rachael | 15 Dec 2011, 02:50 PM Agree 0
    The current avalanche of paperwork looks like we're purposely trying to baffle customers with bulls***. Surely everything the consumer needs can be streamlined to a single booklet ?
  • Rich | 15 Dec 2011, 03:09 PM Agree 0
    I used iLend at my previous aggregator but it just wasnt up to scratch. Im now at a new aggregator and they use the Symmetry platform and thats got virtually everythign I need, and I say virtually because I know they are adding more stuff in each month and my aggregator tells me they are releasing a new version in the new year thats got everything 100% covered. Its worth a look if you really are struggling with the paperwork.
  • ozboy | 15 Dec 2011, 04:47 PM Agree 0
    Have used Symmetry and iLend previously but use an excel spreadsheet and a word document to follow the whole NCCP process. Also I don't use any templates supplied by the MFAA or an aggregator, found that I could put it all into a more friendly and easier to understand format that my clients can actually read and is not only NCCP compliant but also Privacy Act compliant which most other templates aren't. While the MFAA can put check out our website for our privacy policy what happens if you don't have a website or a privacy policy on it...YOU ARE IN BREACH, not of the NCCP but there is more than one act governing us or did we forget? The NCCP is not that bad (if you don't use the templates supplied) and all it does is put in writing what we told our clients anyway. It pays sometimes to not follow the herd, read what is said, put some thought into it and then do your own thing, if you are worried you can always ask ASIC to vet your documents. The one thing I have noticed with NCCP is that a lot of people are getting lots of ink for something that is a minor blimp in the whole scheme of things.
  • JB | 15 Dec 2011, 05:07 PM Agree 0
    Rich, Thanks for the details on Symmetry I have no problem preparing the paperwork, My point is the client as Rachael points out thinks we are trying to blind them with bulls***.
  • mark | 15 Dec 2011, 06:04 PM Agree 0
    i know for a FACT that if a client goes direct to the lender, there is no Needs analysis, credit guide, credit quote! why is it just for the Broker to do??
  • Happy Broker | 15 Dec 2011, 08:13 PM Agree 0
    I am with eChoice and it has been an absolute breeze.
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