From time to time, the Compliance Team will conduct a review of your consumer asset finance applications to ensure responsible lending and documentation standards are being met.
When a review has been completed, you will receive an email notification advising that the review has been undertaken, along with a copy of your File Review and any required corrective actions.
Use this guide to understand what happens next and how to manage your review outcomes.
What happens after a file review?
Once the Compliance Team completes a review:
You will receive an email notification
A copy of the File Review will be provided
Any required corrective actions will be clearly outlined
A due date for completion will be specified
You are responsible for reviewing the findings and completing any required corrective actions within the stated timeframe.
Timeframe for corrective actions
Corrective actions must be completed within seven (7) days from the date you are notified that the review has been completed.
Important: Failure to complete corrective actions within the required timeframe may result in further compliance action.
If you are unable to meet the deadline due to leave or other circumstances, contact your Compliance Support Manager as soon as possible.
If you do not understand a corrective action
If any part of the review findings or corrective actions is unclear:
Contact your local Compliance Support Manager, or
Contact your Compliance Officer, or
Email [email protected]
Seeking clarification early helps avoid delays or incomplete responses.
How often are file reviews conducted?
The frequency of your next review is determined by the results of your previous review.
Reviews may occur every:
3 months
6 months
12 months
Review frequency is risk-based and may change depending on performance and compliance outcomes.
How to find your Compliance Support Manager
If you are unsure who your Compliance Support Manager is:
Their contact details will be included in your review notification, or
Email [email protected] for assistance
Your Compliance Support Manager is your first point of contact for file review questions and corrective actions.
Best practice when managing reviews
To minimise corrective actions and support positive review outcomes:
Ensure your file notes clearly evidence your responsible lending process
Maintain accurate and complete documentation
Keep records of client conversations and decisions
Review supporting documents prior to submission
Consistent record keeping throughout the application process will reduce the likelihood of review findings.
Related articles
For supporting document and responsible lending requirements, refer to:
Need help?
If you need assistance managing a file review or completing corrective actions, contact your Compliance Support Manager or email [email protected].