ASIC Commissioner Sean Hughes sat down with The Adviser to discuss the regulator’s new guidance on the incoming best interests duty for mortgage brokers.
ASIC Commissioner Sean Hughes discusses ASIC’s best interests duty guidance with The Adviser’s In Focus podcast
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 tune in to The Adviser's In Focus podcast to hear the full interview here