Income and Expenditure evaluation
We will validate income information to ensure our lenders have the information to calculate a sensible max lend the customer can afford.
All proofs will be checked by our team to validate the income proof is a valid form.
We will question the customer on our pre/validation calls to ensure the customer feels they can comfortably afford the monthly repayment.
All communication templates and scripts will be reviewed for compliance purposes
Compliance will be involved in subsequent disclosures involving our products and services.
We continually invite feedback from our clients to ensure that our services meet their needs and expectations
At least annually, all employees will be required to undertake TCF training. All new hires need to complete TCF training within 90 days of their hire date.
We will establish training materials for staff explaining new products and services.
We will review all new proposals for products and services, prior to implementation, for TCF compliance.
We will ensure that our lender criteria is updated on our system to ensure that customers are not being sent to lenders where their circumstance wont fit criteria, therefore avoiding unnecessary searches.
On at least a monthly basis we review and discuss compliance with TCF outcomes.
We regularly, at least annually, remind staff in writing of TCF expectations.
We will monitor compliance on a weekly basis, a compliance monitoring report will be submitted to the board each month
Monthly we will review the customer complaints log. If there are any complaints impacting TCF, a complete review will be completed to determine the root cause issue and identify any necessary procedural changes and/or staff training needs required to address
All marketing will be clear, fair and not misleading
All representatives will be kept accurate and up to date to ensure consumers expectations are managed
Should any member of staff found to not act according to process, commission may be deducted
Staff must not choose specific lenders based on commission received, but at all times must act in the customers best interests and provide them with the best rate possible