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New Consumer Credit Laws in effect for all ADIs

Tell us your story – what, if anything, has changed in your job with the introduction of the new Consumer Credit Laws? Have your targets been adjusted? Have you been provided with training to comply with the new laws? Have your procedures changed? Has your workplace received more staff to cope with the changes?
Authorised By: Leon Carter, National Secretary

Your comments

With the Consumer Credit Changes, the lending assessments have become more stringent, this reflects on a higher volume of declinals. The appointment times have increased as the new MIG and MAG and the A-Z review needs to be completed as at the time of the interview, a hard copy and soft copy. However as at the beginning of October our FUM has increased.
I think as a long term member of the Union my expectation is that our Targets should be adjusted as 2 years ago they were $2,750, 000 pm on a period where we had a higher volume of lending and now things have declined and yet we have to produce $3800K and 16 loans pm. With the current level targets we are facing the prospect on being on Performance Management as they are unachievablee under the current climate
Also additional staff are being recruited and this puts additional pressure to meet a smaller customer base.
Our training and the instructions we have received have been provided on a very short notice as we implemented the changes on 6/12 and we only went to a half day meeting the previous Wednesday. The information has too many grey Areas and we I persaonally find myself constantly referring matter out to our Compliance Team for Clarrification

Posted by 10240 at 6/01/2011 12:52:39 PM
I work for Bendigo Bank and we were told we would receive training before 1st Jan. We have had no training and have now got a three page form that we have to complete with each loan application. We have received no extra staff and our branch target remains the same.

Posted by 1018137 at 6/01/2011 1:53:21 PM

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