Webinar - ASIC's best interests duty review: Key findings and what they mean for brokers

About this session

ASIC has finally released Report 840, examining how mortgage brokers are meeting their best interests duty and obligations relating to complaints handling. Join the MFAA for a discussion of the report’s key findings, what they mean for mortgage brokers and the broader industry, and the practical lessons for broker businesses. The webinar will explore ASIC’s observations on loan recommendations, demonstrating and documenting how clients’ interests have been prioritised, and the role of aggregators in supporting good consumer outcomes. We will also consider the broader regulatory expectations emerging from the review and what brokers should be thinking about as they assess their existing practices. This session is an opportunity to better understand ASIC’s findings, the policy intent behind the best interests duty and the implications for the future of mortgage broking. By the end of this webinar, participants will be able to: 🎯Understand the key findings and recommendations from ASIC Report 840 and their significance for the mortgage broking industry. 🎯Explain ASIC’s expectations regarding the best interests duty, including why the lowest interest rate does not necessarily represent the best outcome for every client. 🎯Identify the importance of clearly demonstrating and documenting the rationale for loan recommendations against a client’s individual circumstances, needs and objectives. 🎯Understand ASIC’s observations on complaints handling and aggregator oversight, and their implications for broker businesses 🎯Identify practical lessons from the review and areas where brokers may wish to assess their existing processes and practices.