C.09 Compliance - Objectives


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.

Compliance Topics