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
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.