Australiasia loan aggregator Loan Market Group (LMG) goes live with Clausematch technology following period of significant growth.
LMG has announced its decision to adopt Clausematch policy management and regulatory change management modules in the wake of a ‘pivotal period of expansion’ for the loan aggregator.
The Clausematch’s Policy Portal will be available to 6,000 brokers across New Zealand and Australia, supplying them with real-time policy updates and access to the broader broker network.
The business recognises the reach of its recent expansion, having settled $130billion in loans last year with a collective loan book of $350billion.
In line with this growth, the business began operating in multiple jurisdictions while adhering to at least seven different regulators, including the Australian Securities and Investments Commission (ASIC), the Australian Financial Complaints Authority (AFCA) and the Financial Markets Authority (FMA) in New Zealand.
These two jurisdictions alone are hotbeds for regulatory development, such as the ASIC’s best interests duty RG273, which was introduced in June 2020, or Australia’s anticipation of a GDPR regime.
And with the number of policy documents for LMG now nearing 300, digitising compliance processes remains a close priority.
This is also in the wake of LMG’s formation into one aggregator following the consolidation of PLAN Australia, Choice Aggregation and FAST (PCF) last month.
The Group bought the three aggregators from National Australia Bank (NAB) in March 2021.
Centralised compliance with an international outlook
Its adoption of modules by Clausematch hopes to leverage foresight into how regulations across the region might develop in the future.
LMG’s group chief risk officer, David McQueen, says leveraging technology to make regulatory change management more effective is “really important” and that the purpose of the adoption is to “add value to our network.”
He believes the technology will enable LMG to save time and reduce risk while enabling greater confidence and awareness of the applicable regulatory obligations.
Freddie Frith, Clausematch head of sales, explains that while the company grows across different geographies, “our goal with LMG was to provide a consolidated view of regulation, obligations, policies and procedures in a centralised location to ensure full compliance and speed of change.”
Clausematch regulatory technology aligns and interlinks all rules, regulations and internal compliance content.