🇦🇺Australia
Record Keeping Audit Failures
1 verified sources
Definition
Inadequate records of credit assessments result in inability to defend practices during ASIC reviews.
Key Findings
- Financial Impact: AUD 50,000+ remediation and penalty costs per audit failure; 7-year retention requirement.
- Frequency: Per ASIC audit
- Root Cause: Manual processes without systematic record capture
Why This Matters
The Pitch: Loan brokers in Australia 🇦🇺 lose AUD 50,000+ in audit remediation. Automated logging secures 7-year retention compliance.
Affected Stakeholders
Compliance Officers, Brokers
Deep Analysis (Premium)
Financial Impact
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Current Workarounds
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Methodology & Sources
Data collected via OSINT from regulatory filings, industry audits, and verified case studies.
Related Business Risks
ACL Non-Compliance Fines
AUD 222,000+ civil penalty per contravention (up to 5,000 penalty units at AUD 313.78/unit); operational shutdown costs.
Responsible Lending Breach Penalties
AUD 2.22M maximum civil penalty per unsuitable credit contract (20,000 penalty units).
Best Interests Duty (BID) Violations
AUD 100,000+ typical penalties per breach; 20 hours CPD annually mandatory.
Broker Fee Disclosure Non-Compliance Penalties
AUD 2,210 - 50,000+ civil penalty per contravention; potential licence suspension leading to revenue loss.
Manual Disclosure Preparation Overhead
10-20 hours per loan application at AUD 100/hour = AUD 1,000-2,000 opportunity cost per deal
Lost Deals from Disclosure Delays
5-10% deal churn at AUD 5,000 avg broker commission per loan = AUD 250-500 lost revenue per 10 deals
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