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Get referral arrangements in order,
By Kevin Eddy | 20 Aug 2010 Connective principal Mark Haron has warned brokers to get their referral arrangements in order before October or risk falling foul of ASIC.
Speaking after an MFAA breakfast briefing on the subject, Haron warned that brokers should be putting referral agreements in place with key partners before rules regulating referrals come into force on 1 October.
“The National Consumer Credit Protection Act impacts on referrers, as ASIC’s view is that they are an intermediary,” he told Broker News. “However, ASIC have allowed exemptions to referrers so that they do not have to obtain an ACL or become a credit representative to continue referring.”
Brokers and lenders must, by 1 October, have an agreement with referrers not already covered by the credit regime, explains Haron This must specify the conduct in which the referrer can engage. Licensees must also keep a register of referrers, which includes the date and the means by which the agreement the referrer was entered into, and the date of commencement of referrals.
There are also restrictions around the practice of referring, he adds: namely, that a referrer must give the information to the broker or lender within five business days after advising the customer, the broker or lender must contact the consumer within 10 business days of receiving the referral, and the broker or lender must advise the consumer if the referrer will receive a commission for the referral.
Additionally, referrers must not conduct business by contacting people from non-standard business premises – this, Haron warns, may include open houses.
“This issue with open houses revolves around whether there is sufficient notification to the client that his or her details may be passed on – even if he or she has put his or her name on a contact list and if there’s a note at the bottom saying their details may be passed on.
Clarification is currently being sought from ASIC on this question.