Establishing referrer relationships can greatly enhance your business opportunities. Follow this structured guide to ensure compliant and effective referrer arrangements.
1. Due Diligence Checks
Before engaging a referrer, conduct thorough due diligence:
✅ Verify the referrer's business name.
✅ Validate their ABN.
✅ Check the ASIC Banned Register.
✅ Perform online searches on both the individual and their company.
2. Signing a Formal Agreement
Always sign a formal agreement (even if there's no payment involved) to clarify:
Expectations and responsibilities.
Procedures and processes.
Use Oxcel’s provided “Mortgage Broker Split Agreement” template from the member website. Submit a signed copy to Oxcel for complimentary handling of referrer payments directly from your commissions.
3. Referrer Guidelines & Compliance
Ensure referrers understand and adhere to:
ASIC regulations.
All relevant legal obligations.
Oxcel provides the “Referrer Requirements for a Mortgage Broker’s Own Referrers” document, detailing:
Broker-referrer relationship expectations.
Specific referrer guidelines.
Required disclaimers.
Protocols for the lending process.
4. Documentation in Credit Proposals
Clearly document:
Referrer’s name.
Payments made to the referrer.
Include these details in every Credit Proposal involving referred clients.
5. Maintaining a Referrer Register
Keep an accurate and updated Referrer Register, noting:
Complete details of each referrer.
Payments and transaction history.
Use Oxcel’s compliance templates available under the Compliance Templates section on the member website. This register must be accessible for potential ASIC or lender audits.
Need Further Assistance?
For more resources or compliance support, contact:
📧 Email: [email protected]
📞 Phone: 1800 010 001
🌐 Oxcel Member Compliance Portal
Following this guide ensures transparent, compliant, and beneficial referrer relationships.