C.09 Compliance - Objectives

June 22, 2018

Fact Find - Objectives

 

Premium Brokers compliance requires Brokers to make reasonable enquiries into a clients wants and needs from a loan.  These objectives need to be declared and noted within VowNet on the Objectives. Categories to be noted include

  • Objectives

  • Loan Purpose

  • Loan Features

  • Desired Loan Splits

  • Preferred and Non-Preferred Lenders

  • Financial Security
     

 

Combined Industry Forum (CIF)

The  CIF  has recommended an increase in broker governance, specific to Requirements and Objectives (R&O) monitoring the following Key Risk Indicator*:

 

The quality of the loan, identified through any deficiencies found in Requirements and Objectives (R&O) documentation which would include moving to a more robust capture of the R&O by the lender as a separate initiative (potentially through establishment of an Industry Guide for capturing such information).

 

*Key Risk Indicators - would act as triggers/flags for potential poor customer outcomes.


 

 

 

 

 

 

 

 

 

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