Action: Provide evidence this was given to your customer.
Provide evidence this was given to your customer prior to lodgement or document the reasons this was not supplied.
No evidence the Credit Guide was supplied to the customer
What you must do:
Ensure a copy of the Credit Guide is held on the opportunity and there is evidence this was provided to your customer, either through a file note or a copy of the email to the customer.
If you did not provide a copy of the Credit Guide to your customer before the application was lodged, you must document the reasons why this was not supplied. You must also send a copy of the Credit Guide to your customer and upload a copy of the email as evidence this has now been completed.
Why is this important:
Under Section 113 of the National Consumer Credit Protection Act 2009 (NCCP), a Credit Guide must be provided to your customer as soon as practicable after it becomes apparent you are likely to provide credit assistance. You must be able to demonstrate this has been supplied either by attaching the email or making a note if a hard copy of the Credit Guide was handed to the customer during the interview.
Action: Your personal and representative details are not appearing. Reproduce the Credit Guide and issue it to your customer.
What you must do:
Ensure your personal information including name, contact details and authorised representative number have populated in the Credit Guide. Re-issue a copy to your customer and provide evidence of the email this has been supplied.
Should you require further assistance with this, please contact either your Partnership Manager or your Compliance Support Manager.
Why is this important:
Under Section 113 of the National Consumer Credit Protection Act 2009 (NCCP), a Credit Guide must contain the licensee's information as well as the authorised representative’s details.
Action: Connective's top 6 lenders are not appearing. Please update and email to your customer.
What you must do:
Re-issue a copy of the Credit Guide to the customer which contains Connective Credit Services top six lenders under the “Our Lender Panel” section of the document. Check you are generating the MASTER: Credit Guide. Upload a copy of the email evidencing this has been supplied to the customer.
To do so, ensure the tagging field in the section “Our lender panel” is appearing which will populate the data in the Credit Guide.
Should you require further assistance with this, please contact either your Partnership Manager, or your Compliance Support Manager.
Why is this important:
Under Section 113 of the National Consumer Credit Protection Act 2009 (NCCP), a Credit Guide must contain the names of the six credit providers (lenders) with whom the licensee reasonably believes it conducts the most business with. This table of the top six lenders is an aggregate of the top six lenders which all Connective Credit Representatives are lodging the most loans to and therefore with whom the most business is conducted with.
Action: Your personal top 6 lenders are not appearing. Please update and email to your customer.
What you must do:
Re-issue a copy of the Credit Guide to the customer which contains your personal top six lenders under the “Our Lender Panel” section of the document. Upload a copy of the email from Nexus evidencing this has been supplied to the customer.
To find how to update your top 6 lenders, click here.
*Note: Check you are generating the MASTER: Credit Guide.
Should you require further assistance with this, please contact either your Partnership Manager, or your Compliance Support Manager.
Why is this important:
Under Section 113 of the National Consumer Credit Protection Act 2009 (NCCP), a Credit Guide must contain disclosure of the top six lenders the licensee and the authorised representative are conducting business with.
Action: Your personal top 6 lenders are not appearing. Until you have settlements this needs to be manually entered. Please update and email to your customer.
What you must do:
The Top 6 Lenders table in the Credit Guide calculates your most used lenders based on settled loans However, if you don't have enough history Mercury, (under your current CA number), the Top 6 Lenders will not populate. You will need to manually update this section. To find how to update your top 6 lenders, click here.
Your top 6 lenders will start to appear as soon as the first commission is paid.
*Note: Check you are generating the MASTER: Credit Guide.
Should you require further assistance with this, please contact either your Partnership Manager, or your Compliance Support Manager.
Why is this important:
Under Section 113 of the National Consumer Credit Protection Act 2009 (NCCP), a Credit Guide must contain disclosure of the top six lenders the licensee and the representative are conducting business with.
Action: An incorrect version is on file and the Connective Credit Representative Credit Guide must be used.
What you must do:
You will be required to complete the Connective Credit Representative Credit Guide in Mercury and provide a copy of the correct Credit Guide to your customer and provide evidence by way of email that the customer has received the correct copy.
Why is this important:
Under Section 113 of the National Consumer Credit Protection Act 2009 (NCCP), a Credit Guide must contain information relating to the Licensee (Connective) and you as an authorised representative.
Action: Please upload a signed copy of the privacy consent form.
What you must do:
A credit check for the customer is held on file with no correlating privacy consent form. If you completed this credit check on behalf of the customer, a signed copy of the privacy consent form must be held. A signed consent form must be obtained and held on file prior to conducting a credit check.
If the customer arranged this credit check themselves and supplied you with the copy, please make a note explaining this situation and ensure a copy of the email from the customer with the credit check is held on the opportunity.
Why is this important:
Part IIIA of the Privacy Act 1988 (Privacy Act) regulates consumer credit reporting in Australia and the handling of personal information about individuals’ activities in relation to consumer credit. To conduct a credit check, a consent form signed by the customer must be held. If you did not conduct this credit check no privacy consent form is required to be signed by the customer however evidence that you did not conduct this (by way of the client providing you with this report themselves) is to be held on the opportunity.
Action: Your external dispute resolution provider has not been updated to AFCA. Please update and email a copy to your customer.
What you must do:
Please ensure your external dispute resolution provided has been updated to AFCA and contains AFCA’s contact details. You will need to send an updated copy of the Credit Guide to your customer and evidence by way of email that the customer has received a correct copy of the Credit Guide.
Why is this important:
Under Section 113 of the National Consumer Credit Protection Act 2009 (NCCP), a Credit Guide must contain details of the licensee's internal and external dispute resolution procedure and details of the approved external dispute resolution provider.
Action: The licensee's top 6 lenders are not appearing on the Credit Guide. Please update and email a copy to your customer.
What you must do:
Please ensure you are using a Credit Guide that meets the legislated requirements. One way to do this is to use the templated master document contained in Mercury. Please ensure the licensee's top six credit providers with whom business is conducted have populated into the Credit Guide. You will be required to issue a copy of this updated Credit Guide to your customer and evidence this has been provided by way of an email.
Why is this important:
Under Section 113 of the National Consumer Credit Protection Act 2009 (NCCP), a Credit Guide must contain the names of the six credit providers (lenders) with whom the licensee reasonably believes it conducts the most business with.