TUNE IN: ASIC Commissioner Sean Hughes sits down with The Adviser to discuss the regulator’s new guidance on the incoming Best Interests Duty for mortgage brokers.
On Wednesday (24 June), the Australian Securities and Investments Commission (ASIC) published Regulatory Guide 273 Mortgage brokers: Best interests duty (RG 273) – guidance aimed at assisting in the application of the new best interests duty (BID) for mortgage brokers, which is set to take effect in January 2021. ASIC’s high-level, principles-based guidance seeks to outline obligations under the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers [2019 Measures]) Bill 2019 and does not prescribe minimum standards of conduct nor impose new or additional obligations.
The Adviser sat down with ASIC Commissioner Sean Hughes to find out more about what brokers need to know about the guidance, the changes from the draft guide, and what ASIC hopes the guide will achieve.
You can listen to the highlights of the interview with Sean Hughes here and tune in to The Adviser's podcast, released on Tuesday afternoon, to hear the full interview!
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Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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