Brokers will be well-aware of the continuously changing landscape in 2018 with how accreditations work. Commonwealth Bank has been the main antagonist in this regard, but QED has been fielding a lot of requests from Licensees whose compliance plans were being reviewed by Westpac and Connective.
We announced earlier this year that Pursuit Broker Services, our Licensee business housing Credit Reps, had gained approval on the CBA "Approved Licensees" list.
We can now announce that CBA, NAB and ANZ have all agreed in-principle that Licensees that fully utilise CompliFast's services will be eligible for accreditation as Licensees with those banks. Full utilisation means:
- The Licensee documenting its own audit work in CompliFast;
- Allowing QED to carry out an independent responsible lending file review annually; and
- Allowing QED to share the results of these activities with the Licensee's aggregator.
This is great news and it means that Licensees now have more freedom of movement, without the fear of losing accreditations.
QED has also been providing a lot of assistance lately to assist Licensees to respond to accreditation information requests from lenders and aggregators. If you have your own Licence and QED did not originally assist you with this, QED can retrospectively place policies, procedures, registers, compliance testing frameworks and all other necessary regimes into your business to ensure you are up-to-speed on your compliance obligations.
Simply contact the QED CompliFast team on 1300 183 350