This guide details essential compliance rules and requirements for brokers when working with their own referrers, ensuring adherence to ASIC guidelines and Oxcel Pty Ltd policies.
1. General Rules for Referrers
Referrers must adhere strictly to the following:
✅ Obtain explicit consent from the consumer before sharing their details.
✅ Do not charge consumers any referral fees.
✅ Clearly disclose any remuneration received from referrals.
✅ Forward consumer contact details to the Lending Manager within five days of obtaining consent.
2. Referrer Communication Protocol
To comply with ASIC requirements:
The referral process must be clearly documented and traceable.
All initial enquiries must be sent via email from the referrer to the Lending Manager.
Lending Managers are solely responsible for further client data collection and needs analysis.
3. Limits on Referrer Discussions
Referrers must not:
Discuss specific lending products or provide financial advice.
Represent themselves as mortgage brokers.
Instead, referrers should clearly indicate the presence of accredited Lending Managers available to assist clients.
4. Lending Manager Responsibilities
The Lending Manager handles:
Client data collection and needs analysis.
Strategy development and tailored financial advice.
Product selection and recommendations.
Application lodgement and tracking.
Ongoing communication with clients and referrers.
Settlement notifications.
5. Marketing and Disclaimers
Marketing Materials:
Referrers marketing lending services must include clear disclaimers. Example for email campaigns:
"The Home Loans service provided by OXCEL Pty Ltd (ABN 58 622 168 316) offers mortgage lending services to consumers under its Australian Credit Licence. As part of the referral process, we are required by law to obtain your consent to share your name and contact details with OXCEL Pty Ltd. Once your consent is provided, your information will be forwarded to OXCEL within 5 business days."
Website Disclaimers:
Referrers must clearly display this disclaimer on websites and marketing materials where lending is mentioned:
"[Company Name] receives a commission for making these referrals. The commission we receive depends on the lender that provides your home loan and will be [percentage]% of the upfront and trail commission received by OXCEL Pty Ltd from the lender. The total amount of all commissions will be disclosed by OXCEL Pty Ltd as part of the process of arranging your home loan."
Need Further Assistance?
For further clarification, templates, or compliance assistance:
📧 Email: [email protected]
📞 Phone: 1800 010 001
🌐 Oxcel Member Compliance Portal
Adhering strictly to these guidelines ensures compliance with regulatory obligations and maintains transparent, trustworthy client relationships.