C.14 Compliance - Commission
Broker Tools - Commission
Commission Disclosure Premium Broker policy is to be 100% transparent with any commission we receive and to fully disclosure as much information as we can. The Premium Broker Credit Quote & Proposal must display commission as a percentage and a dollar figure and not left blank.
Any commission paid to referrers also need to be declared.
Commission from other sources
If the broker or any associates are receiving any additional commission or kickback then it also need to be disclosed. An example would be receiving a commission from a property developer and then providing the client the loan for finance. In this case the amount of commission should be disclosed and the loan needs to identified as being a Conflict of Interest.
Commission Selection in VowNet
VowNet will automatically calculate the proposed commission and commission splits if set up correctly in VowNet. Just select the correct commision from the Commission screen.
HINT - If you have a regular referrer and would like to add a commission split please let the ACL holder know. Please also refer to Compliance - Referrers.
Remember once the loan is settled make sure the loan status is updated to Settled and Post to the Commission Team
Create a Credit Quote (charging a mandate)
In Deal View click on Credit Quote
Add Fees and Charges as requires
Save the PDF to the Deal (top right corner)
Rename the document within Vownet to 9.PB Credit Quote 2023-MM
Send the document for E-signature via Vownet(Annature) This document should be created and sign after the Credit Guide & Privacy and before the SOCA documents.
