Nature, size and complexity

QED Risk Services has faced minor negative commentary from competitors recently for being either too complicated or too simplistic in its approach to Credit Licensing. This is the inevitable consequence of trying to take the middle road.

Some small brokerage businesses tell us that they don’t understand why they should have “complicated” policies that appear to describe something too far removed from the reality of their business. The response here has to always be that, I’m sorry, NCCP has lifted the bar and there are certain things you are going to have to do from now on if you’re serious about being a Licensee. These things are all things that other, serious businesses do these days, so just join the party and get with the programme.

At the other end, we are aware of criticism that our documentation for our clients does not go far enough. To this we simply respond that Credit Licensing is not the same as Financial Services Licensing. Too many parties have come to Credit Licensing late in the piece and have failed to appreciate that this is NOT investment-world.

QED Risk Services has been doing its very level best to meet and mix with the Australian broker community and to try to not only educate them to the areas where they now need to lift their game in terms of their obligations under NCCP; but to understand their world and their needs and not try to overload them with unnecessary lawyer jargon.

At the end of the day, QED Risk Services is about providing practical solutions to regulatory imposts. Something that we think our natural competitors have failed to appreciate. The overriding phrase of the NCCP legislation is nature, size and complexity. We’ve tried to strike a balance and the hundreds of businesses we’ve assisted, we think, appreciate this.

Posted on: Friday, 26 November, 2010

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