Loan Market appoints Westpac Group leader to management team

The major brokerage has appointed former head of strategy and business performance for Westpac (mortgage distribution), David McQueen, as its first chief compliance and regulatory officer.

Loan Market has appointed David McQueen to the newly created role of Chief Compliance and Regulatory Officer, effective immediately.

According to Loan Market, the new position was specifically created in preparation for the “2020 compliance changes,” which the brokerage said offered a “strategic opportunity to challenge [Loan Market’s] own customer experience standards with seamless and fast technology”.

In the new role, Mr. McQueen will be responsible for preparing and implementing policies for new compliance measures within the Lending Marketplace Network.

This includes the policies outlined in the National Consumer Credit Protection (Mortgage Brokers) Amendment Bill 2019, which is currently before Parliament, and its overriding duty obligations.

Loan Market noted that Mr McQueen was involved in representing the Westpac Group’s broker channel throughout the Hayne Royal Commission, a process which Mr McQueen said was a “turning point” for the industry.

“In terms of best interests, it’s really important to view the changes as a strategic opportunity, not as an onerous, tick-off exercise,” McQueen said.

“I spoke extensively with (Loan Market’s executive chairman) Sam White during the royal commission, and he always saw these changes as an opportunity to reinvent the customer experience.

“My background is mostly in strategy and Loan Market wants that mindset ahead of the July 1 changes.”

Mr McQueen added that the introduction of the best interest obligation would require an analysis of broker procedures and the use of technology to ensure compliance. However, he noted that it would give brokers a competitive edge that they could use to their advantage.

“It’s the outward execution – the on-the-ground interface between broker and client – where brokers will show their real value in 2020,” he said.

“I believe that risk and compliance – if designed and executed well – is a competitive advantage, and that’s what we prepare our brokers for.”

Mr. McQueen said he was delighted to take on this role and to work closely with Mr. White.

“As someone who is extremely passionate about the brokerage industry and the value it brings to the Australian public, I am extremely excited to join such a progressive, client-focused and family-owned business in the lending market,” did he declare.

Mr. White said the appointment of Mr. McQueen was an important step for the brokerage.

“I’m very excited about what David will bring to this role,” he said.

“It will uphold our commitment to keep our brokers safe, while challenging conventional notions of compliance and regulation.

“It’s going to give our brokers another point of difference in the field.”

[Related: Loan Market expands paperless technology use]

Loan Market appoints Westpac Group leader to management team



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Last update: March 09, 2022

Posted: January 30, 2020

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Hannah Dowling

Hannah Dowling

AUTHOR

Hannah Dowling is a reporter for The Adviser and Mortgage Business.

Priscilla C. Carnegie