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AAMC adds file auditing service

By: admin|

Adam Smith | 2/05/2011 3:30:00 AM | 0 comments  Australian Broker

AAMC Training Group has launched an auditing service to help brokers navigate compliance and disclosure

The file checklist service will prepare brokers for an ASIC audit by reviewing client files and issuing a
report card for each file. AAMC general manager Jeff Mazzini believes the service will help alleviate the fears some brokers harbour surrounding compliance.

“Finance brokers really need to understand what they are doing is okay, and [if it] would meet with
what the regulator is looking for, and how they would stand up with an inspection or visitation from ASIC,” Mazzini said.

Mazzini said the service will not look at the details of specific loans, but will rather ensure the total
client file meets ASIC’s standards. He commented that many brokers can face frustration when trying to ascertain what ASIC will expect out of client files and documentation.

“When brokers go an ask ASIC, ‘What do I do?’ ASIC will say ‘Refer to RG 209’. They’re not giving them
what they’re looking for,” he said. However, Mazzini believes existing disclosure regimes and processes in the financial planning industry can provide a guide for brokers.

“So much unnecessary debate goes into the process when in fact there is already a well-oiled process
in place through financial planners,” he commented. “All that has happened now is that ASIC has now recognized credit as a product. So simply adding the credit product to the process does not require a massive reengineering of the existing forms or processes already tried and tested.”

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