CompliFast Reps is a compliance framework designed to simplify compliance for Licensees with Credit Representatives
It is the only external compliance system in Australia that covers your Responsible Lending/BID, General Conduct Obligations, the Credit Rep Management requirements of ASIC Report 330.
This integrated compliance solution provides a risk-based approach to monitoring your credit reps as prescribed by ASIC. These expectations are that as a licensee, you:
- Have risk-based systems for monitoring the activities of your credit representatives
- Are able to aggregate monitoring results to identify possible systemic issues
- Have augmented risk-based in-office monitoring of Reps with other types of surveillance
- Are able to identify "high-risk" transactions by credit representatives
- Are able to produce a preliminary assessment document for every loan brokered
CompliFast Reps ensures ALL Licensee and Credit Representatives obligations are met with Compliance tools, Loan File Auditing Capability and Education for Credit Representatives, ideal for Licensees with over 4 credit reps or loan writers.
With CompliFast Reps you will be able to save time and money by getting ahead of any major issues you can easily identify training needs and avoid micro-managing, to focus instead on the big picture for your business.
Streamlined Audit Functionality
- Each Credit Representative completes their own self-assessment which is intuitive and very easy to use and covers all the compliance obligations of the Credit Representative.
- If there is a compliance breach or shortcoming, the system will automatically generate corrective actions to be completed by the Credit Representatives.
- The CompliFastReps system has integrated functionality for both independent loan file auditing and validation audits, making the auditing system an extremely efficient process.
- Licensees can conduct their own loan file audits of their Reps or use QED's Audit Team.
Reporting
- Reporting capabilities will assist your compliance team to monitor your Credit Representatives.
- Reporting functionality that will produce the documented evidence you require to demonstrate your obligations in relation to your Credit Representatives, for ASIC, Lenders and Aggregators.
- The comprehensive data available is an effective tool in tailoring compliance education programs to suit the needs of your business.
Monitoring at a glance
- User-friendly, easy to understand CompliFast Reps dashboard
- Visually displays information about each Credit Representative.
- Helps you make decisions easily.
- One central location for all your reporting requirements to ensure you have met your obligations.
- Easy day-to-day compliance management by your compliance team utilising the CompliFast Dashboard (training provided) or performed by QED (if required).
Ongoing Education and Support
QED's experienced and trained compliance staff, can offer support as well as an outsourced solution for your business if required or we can provide training for your compliance team.
Call our CompliFast Team on 1300 817 662 Option 1, for a demo today!
ASIC - RG 205.3: You must comply with the general conduct obligations from the time your credit licence is granted and on an ongoing basis. If you are a credit licensee and we have reason to believe that you are not complying with your obligations, we may take administrative action, which could include suspending or cancelling your licence, or imposing additional licence conditions: s45(1) and 55.
