Compliance & Regulation Team
As a broker with Vow, you have access to a dedicated compliance and regulation team to assist and support you. In keeping with our philosophy of empowering our broker partners, Vow was one of the first aggregators to allow you to make your own decision about whether to gain your own Australian Credit Licence (ACL) or become an Authorised Credit Representative of Vow (ACR). Either way, we'll do whatever we can to take the stress out of compliance and regulation so you can get on with growing your business. We will keep you updated with regulation information as it becomes available so that you can ensure your compliance with changes as they become effective. In addition, remember that compliance also includes industry memberships such as MFAA and COSL, lender requirements and professional indemnity insurance, all of which we can advise on.
In the event that you are new to the industry, we have several brokers in our network that would be happy to work with you whilst you gain the experience necessary to apply for your own licence. Alternatively if you are branching out on your own and need to apply for your own licence we also have options available via third parties to assist you in gaining and maintaining a licence. Whilst we recognise that for some brokers, holding an ACL is the most appropriate option for their business, there are many brokers that do not wish to bear the compliance and administrative burden that comes with being a licencee.
Some of the benefits of becoming an ACR of Vow include:
- Not being directly responsible to ASIC for your compliance
- Dramatically reducing your responsibilities under the NCCP regime
- Not having to lodge an annual compliance certificate with ASIC
- Knowing the cost of your compliance up front - there are no unknown costs
- Responsible lending documents - credit guide, quote, loan proposal and preliminary assessment will be provided to you and updated are required
- Vow's credit representative client service handbook/manual will be provided to you
Please note that these programs and training events will assist you in achieving your continued professional development (CPD) points/ hours.
Click here to join the Vow Financial network.