COMPLIANCE FOLDER, TEMPLATES, POLICIES, PROCEDURES AND DOCUMENTS
Mortgage brokers work with aggregators to access a wide range of loan products and receive support in terms of technology, training, and compliance. Aggregators have their own compliance requirements that brokers must follow to ensure adherence to regulatory standards and maintain a high level of professionalism.
Best Practices for Compliance with Aggregator Requirements
1. Stay Informed:
o Regularly review updates and communications from Oxcel regarding changes in compliance requirements and industry regulations.
2. Use Infynity System:
o Implement processes for record-keeping, client assessments, and data protection and maintain compliance.
3. Engage in Continuous Learning:
o Participate in training sessions, webinars, and industry events offered to stay current with best practices and regulatory changes.
4. Maintain Open Communication:
o Keep an open line of communication with Oxcel compliance team. Seek clarification on any compliance-related queries and promptly report any issues or breaches.
Key Benefits of Adhering to Aggregator Compliance Requirements
Ensuring compliance with Oxcel requirements helps brokers adhere to national regulations, reducing the risk of legal issues and penalties.
Demonstrating a commitment to compliance enhances your professional reputation and builds trust with clients and lenders.
Within Infynity we have a Compliance Folder which stores valuable information on different compliance policies, processes and documents. You need to make yourself familiar with this folder. It was also part of the acknowledged that you signed, as part of your Compliance Induction Checklist and Acknowledgement when onboarded.
Credit Representatives of Oxcel need to be compliant with Oxcel’s policies and procedures. Client files will be subject to regular reviews and failure to comply with the requirements may result in disciplinary action including suspension or termination.
How to locate the Compliance folder within Infynity for templates and documents
Important Compliance policies, procedures and templates
Summary of some templates (not limited to the below list)
➢ Responsible Lending Policy – the approach taken by the business to the credit assessment process and in complying with the NCCP and associated regulations, RG273 Mortgage Brokers – Best Interests Duty and RG209 Responsible Lending Conduct Obligations
➢ Oxcel Member Management Manual - policies and procedures which apply to aggregating members of Oxcel Finance & Insurance Pty Ltd and Beagle Finance Pty Ltd
➢ RG209 Credit Licensing – Responsible Lending Conduct
➢ Financial Services Guide
➢ Financial Evidence Requirements – provides the minimum standard of document verification. Additional documents may be needed, scalable to the complexity of the client/loan
➢ Short form SOCA – available in certain circumstances, refer to the form for exemption criteria
➢ Privacy Statement and Consent Form – must be signed if you are completing an upfront credit report on your client. You must NOT complete a credit report without a signed consent. Your Credit Guide does not cover consent to complete credit reports.
➢ Referrer Agreement Templates – 2 templates are available when working with Referrers:
(1) No payment
(2) Payment Direction Using Referrers.
Formal referral agreements are required with each business referrer. Each referrer agreement must be recorded in the Infynity Referrer Register. All Referrers must be documented (paid and/or unpaid) and the referrer details must be attached to the loan in Infynity (refer to quick reference guide – Referrer Set Up.
➢ Indicative Broker File Notes – guidance on sufficient level of file notes (not limited to)
➢ Compliance Application Checklist – understanding of compliance review requirements
➢ Fact Find – for manual collection of client personal and financial information (refer to quick reference guide for Fact Find options within Infynity).
How to locate Compliance Tutorials within the Education Tab in Infynity
Disclaimer: This information is current as at the time of each QRG publication. It is a general information guide only.