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ALCO to attract brokers using targeted compliance model

With the introduction of legislation that will allow ASIC to control it, the lending industry is at a turning point, according to Australian Loan Company (ALCO).

One of the new requirements introduced through legislation is for brokers and aggregators to obtain an Australian Credit Licence (ACL), but it says brokers can opt to join an aggregator that will hold the license on the broker's behalf.

"In order to service their members under the new legislation, the aggregator should also be able to provide a compliance service for their members, saving the broker exhaustive effort and time in developing their own internal framework," it said.

Furthermore, it said that while many other aggregators were now "anxiously watching the clock", ALCO was "one of the few" prepared for the change in legislation.

It said its business model included operational procedures to assist brokers to get, and remain compliant.

By BN | 20 Apr 2010

All brokers with The Lending Shop are members with MFAA - The Lending Shop is proudly operated by the Australian Loan Company Ltd.

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