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The major brokerage has appointed Westpac’s former head of strategy and business performance (mortgage distribution), David McQueen, to be its first chief compliance and regulation officer.
Loan Market has appointed David McQueen to the newly created role of chief compliance and regulation officer, effective immediately.
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According to Loan Market, the new position was specifically created in preparation of “2020’s compliance changes”, which the brokerage said provided a “strategic opportunity to challenge [Loan Market’s] own customer-experience standards with seamless and time-saving tech”.
In the new role, Mr McQueen will be responsible for the preparation and implementation of policies for new compliance measures within the Loan Market network.
This includes those policies outlined in the National Consumer Credit Protection Amendment (Mortgage Brokers) Bill 2019, which is currently tabled before Parliament, and its associated best interests duty obligations.
Loan Market noted that Mr McQueen was involved in the representation of Westpac Group’s broker channel throughout the Hayne royal commission, a process that Mr McQueen said was a “turning point” for the industry.
“In terms of best interests duty, it’s really important to view the changes as a strategic opportunity, not an onerous, box-ticking exercise,” Mr McQueen said.
“I spoke a lot with (Loan Market executive chairman) Sam White over the course of the royal commission, and he always saw these changes as an opportunity to reinvent the customer experience.
“My background is predominantly in strategy and Loan Market wants that mindset ahead of the July 1 changes.”
Mr McQueen added that the introduction of the best interests duty would require analysis of broker procedures and reliance on technology to ensure compliance. However, he noted that it would provide brokers with a competitive edge they can use to their own advantage.
“It’s the outward execution – the on-the-ground interface between the broker and their customer – where brokers are going to display their real value in 2020,” he said.
“I’m a great believer that risk and compliance – if designed and executed well – is a competitive advantage, and that’s what we’re preparing our brokers for.”
Mr McQueen said he was excited to take on the role and work closely with Mr White.
“As someone who is hugely passionate about the broker industry and the value it brings to the Australian public, I’m extremely excited to be joining such a progressive, customer-focused and family-owned business in Loan Market,” he said.
Mr White said Mr McQueen’s appointment was an important move for the brokerage.
“I’m very excited about what David will bring to the role,” he said.
“He’ll deliver on our commitment to keep our brokers safe, while also challenging conventional notions of compliance and regulation.
“It’s going to give our brokers another point of difference on the ground.”
[Related: Loan Market expands paperless technology use]
