This guide outlines Oxcel Pty Ltd’s policies and procedures for loan writers to onboard their own referrers in compliance with ASIC regulations and Oxcel’s ethical standards.
1. Purpose of the Policy
Ensures all loan writers adhere to ASIC regulations and Oxcel’s ethical guidelines.
Facilitates appropriate vetting, onboarding, and management of referrers.
Supports transparent and compliant relationships between loan writers and referrers.
2. Definitions
ASIC: Australian Securities & Investment Commission.
Code of Ethics: Document guiding ethical decision-making aligned with organizational values.
Onboarding: Process of integrating new referrers into the organization.
3. Procedures for Onboarding Referrers
Step 1: Initial Enquiry
Conduct an interview with prospective referrers.
Provide a written agreement detailing mutual expectations upon successful interview completion.
Step 2: After Signed Agreement Receipt
Perform detailed onboarding following Oxcel guidelines:
Due Diligence Checks:
Verify referrer’s business name.
Confirm ABN.
Check ASIC’s Banned Register.
Perform Google searches on individuals and companies.
Formal Agreement:
Sign a formal written agreement (mandatory, even without payment).
Clarify roles, expectations, and procedural guidelines.
Submit a copy to Oxcel for complimentary management of payments, if applicable.
Step 3: Adhere to Referrer Rules
Inform referrers clearly about:
Compliance with ASIC regulations.
Relevant legislative requirements.
Provide the “Referrer Requirements for Loan Writers' Referrers” document for comprehensive rules.
Step 4: Documentation
Clearly note referrer names and remuneration in all Credit Proposals.
Step 4: Maintain a Referrer Register
Regularly update the provided Oxcel compliance templates (Referrer Register).
Be prepared for audits by ASIC or lenders.
4. Due Diligence Checks for Referrers
Perform comprehensive checks including:
Business name verification.
ABN validation.
ASIC Banned Register checks.
Online searches (individual and company).
5. Need Further Assistance?
Contact Oxcel compliance for additional guidance:
📧 Email: [email protected]
📞 Phone: 1800 010 001
🌐 Oxcel Member Compliance Portal
Consistently following this policy ensures compliance, effective referrer relationships, and maintains industry standards.