Loan Market has just announced the appointment of a former Westpac executive to the newly created role of chief compliance and regulation officer.
David McQueen has joined the group from his previous position as head of strategy and business performance for mortgage distribution at the major bank.
McQueen has been brought on board to lead Loan Market’s preparation for the new compliance measures soon to be introduced, including the Mortgage Brokers Bill 2019 and its associated best interests duty (BID). Given his involvement in leading Westpac’s broker channel representations during the royal commission, as well as his work with the Combined Industry Forum (CIF) and Australian Banking Association (ABA), McQueen is well-suited for the new role.
“In terms of best interests duty, it’s really important to view the changes as a strategic opportunity, not an onerous, box-ticking exercise,” he said.
BID will require “inward analysis of procedures and technology” to streamline the processes, according to McQueen.
“But it’s the outward execution – the on-the-ground interface between the broker and their customer – where brokers are going to display their real value in 2020,” he added.
“I’m a great believer that risk and compliance, if designed and executed well, is a competitive advantage – and that’s what we’re preparing our brokers for.”
Technology will be the key to allowing brokers to remain focused on customers while also meeting their compliance obligations.
“With MyCRM, Loan Market’s technology solution, brokers are in a really strong position to reinvent the experience they offer clients with limited disruption,” said McQueen.
The new appointment said his many conversations with Loan Market executive chairman Sam White last year set the group’s leader apart “for his leadership and vision amidst the backdrop of the royal commission”.
“He always saw these changes as an opportunity to reinvent the customer experience. My background is predominantly in strategy and Loan Market wants that mindset ahead of the July 1 changes,” said McQueen.
“As someone who is hugely passionate about the broker industry and the value it brings to the Australian public, I'm extremely excited to be joining such a progressive, customer-focused and family-owned business in Loan Market.”
According to White, McQueen’s appointment is a “pivotal chapter” for the brand.
“I’m very excited about what David will bring to the role,” he said.
“He’ll deliver on our commitment to keep our brokers safe, while also challenging conventional notions of compliance and regulation. It’s going to give our brokers another point of difference on the ground.”