An aggregator has announced that compliance will be a driving priority for the group this year as the government works towards introducing a best interest duty (BID) for mortgage brokers.
According to Finsure GM of aggregation, Simon Bednar, the group is doing “everything possible” to streamline processes and ease the burden the new measures will place on brokers.
“Finsure’s compliance framework has been designed and built over the past 12 months and is still evolving and can easily adapt to the incoming obligations under the rewritten RG209 and mortgage broker best interest duty,” he continued.
Bednar highlighted the group’s Infynity customer relationship management (CRM) platform as being “a major point of difference.”
“The Infynity system uses predictive data to provide insights into broker behaviour, empowering brokers to proactively make changes to their business rather than relying on retrospective reporting and past behavior,” he said.
“The quality assurance and compliance management framework is built into the Infynity system which allows brokers and licensees immediate access to real time data on compliance reporting and application statuses.”
The results are broken into four key categories – fraud, anti-money laundering, quality assurance and responsible lending – to make clear the further training needed on an individual basis.
“The data-driven remedial action plans have been successful in supporting the ongoing accreditations of brokers when there has been an attempt by a lender to remove them,” said Bednar.
“This data driven model also allows for the accurate reporting of lender turnaround times, which will assist brokers in meeting their obligations under the broker best interest duty. It features a file review process which includes the review of applications prior to the submission to the lender.”
FBAA managing director Peter White AM has applauded Finsure for embracing compliance in such a robust manner.
“Meeting compliance obligations in 2020 and the coming decade is unquestionably the greatest priority for all aggregators, ACLs and ACRs,” he said.
“The ability to manage these obligations and proactively measure outcomes cannot be understated.”