COMMISSION: “You don’t do anything to verify what the broker tells you about the customer’s expenses, you don’t do anything to check that the information accurately represents the customer’s living expenses?”
BANKER: “Their general living expenses, no.”
COMMISSION: The Australian Securities and Investments Commission (ASIC) requires banks to take some positive steps to verify the information provided by the consumer. The banker was asked whether the bank investigated inconsistencies between a customer’s declared expenses and evidence about their spending from bank statements.
BANKER: “No, not necessarily,” adding that it would be too complex, time consuming, and costly to comb over every individual’s bank statements to try to find inconsistencies in their declared expenses and their real-life expenses.
CLEARD.LIFE RESPONSE: This is our sweet spot. Send your Applicant and the bank statements to us and we’ll screen not only their finances, employment and address history, but nine other dimensions of their life. We’ll give you a Risk Assessment on their Character including their Honesty and Trustworthiness. You can then add our Assessment back into your overall process.
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