The danger of BID’s unintended consequences
We are in a privileged and unique position of closely working alongside numerous Finance Brokers, including Mortgage and consumer Asset Finance specialists. In fact, a key reason for establishing SalesKey in 2017 was to service all consumer-focussed Brokers and...
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A 2nd Credit License in 2021?
The Best Interests Duty (BID) for Mortgage Brokers was officially launched by ASIC on 1 Jan 2021. For those who missed it and its relevance to the market, we encourage you to review our Oct-20 and Dec-20 Better Outcomes...
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Design and Distribution Obligations
It’s another year and as a finance industry we have yet another regulatory change to deal with! ASIC published a new Regulatory Guide (RG274: Product design and distribution obligations) on 11 December. In amongst all the news about BID...
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Are You BID ready?
In our October edition of Better Outcomes, we provided some guidance as to what Best Interests Duty (BID) was all about and particularly focussed on who it applied to. Since publishing this, Treasury has commenced an industry consultation period...
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NCCP Disclosure Documents: What, Why and When.
The National Consumer Protection Act has been in place since 2011 and since that time, the requirements regarding Disclosure Documents have remained largely unchanged.Even so, we are regularly asked questions about them and why it’s important to comply with...
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Best Interest Duty: It’s coming soon, so who does it apply to?
In February this year, the Financial Sector Reform Bill passed the houses of parliament and one outcome of this was the introduction of a new Best Interest Duty placed upon Mortgage Brokers. After an initial delay, this required process...
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Bank Statements: Their value and your obligations
Banks statements are currently a hot topic within the lending and Finance broking environment, especially now that ASIC have reinforced the importance of checking them in their latest update from early 2020. This update reinforces the responsibility on the...
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Dispute Resolution: What are the upcoming changes?
Most of you would be aware that having and following an ASIC-compliant Dispute Resolution policy is a mandatory requirement for all Australian Credit License holders. In addition to meeting ACL obligations, we strongly believe in the benefit of implementing...
Read moreHow healthy is your business?
We have the pleasure of regularly liaising with dozens of small to medium business owners. We work alongside these business partners to review and assess their risks and their compliance to NCCP, Responsible Lending and general industry best-practice. We...
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Relationships over Transactions…
For many years, experts the world over have been espousing the importance of building strong relationships in business. It’s our experience, based on the testimony of our clientele, that this theory has been proven particularly true in amongst the...
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