Recommendation 1.2 – Mortgage Brokers – Best InterestMortgage broker best interests duty Recommendation 1.3 – Mortgage Brokers – RemunerationMortgage Broker Remuneration Recommendation 1.6 – Mortgage Brokers – Reference CheckingReference checking and information sharing for mortgage brokers Recommendation 1.7 – Point Read More …
Tag: interest
End 2019
ASIC Banning PowersAdditional CommitmentASIC’s power to ban people in the financial sector (ASIC Enforcement Review) ASIC Licensing PowersAdditional CommitmentASIC’s licensing powers (ASIC Enforcement Review) ASIC Search Warrant PowersAdditional CommitmentASIC’s search warrants powers (ASIC Enforcement Review ASIC Telecoms Interceptions PowersAdditional CommitmentASIC’s Read More …
Strengthening protections
Strengthening protections for consumers, small businesses and rural and regional communities All Australians have the right to be treated fairly in their dealings with their financial firms. This is critical to ensuring that Australians can confidently engage with, and have Read More …
1.13 — Charging default interest
The ABA should amend the Banking Code to provide that, while a declaration remains in force, banks will not charge default interest on loans secured by agricultural land in an area declared to be affected by drought or other natural Read More …
1.5 — Mortgage brokers as financial advisers
After a sufficient period of transition, mortgage brokers should be subject to and regulated by the law that applies to entities providing financial product advice to retail clients. Government Response The Government agrees to introduce a best interests duty for Read More …
1.2 — Best interests duty
The law should be amended to provide that, when acting in connection with home lending, mortgage brokers must act in the best interests of the intending borrower. The obligation should be a civil penalty provision. Government Response The Government agrees Read More …
Recommendations – Banking
Recommendation 1.1 — The NCCP Act Recommendation 1.2 — Best interests duty Recommendation 1.3 — Mortgage broker remuneration Recommendation 1.4 — Establishment of working group Recommendation 1.5 — Mortgage brokers as financial advisers Recommendation 1.6 — Misconduct by mortgage brokers Read More …
Strengthening protections for consumers, small businesses and rural and regional communities
All Australians have the right to be treated fairly and honestly in their dealings with financial services entities. It is fundamental to ensure consumers have trust in the financial system. We have already reformed remuneration practices in the life insurance Read More …
Conflicts
Where possible, conflicts of interest and conflicts between duty and interest should be removed. There must be recognition that conflicts of interest and conflicts between duty and interest should be eliminated rather than ‘managed’. Several recommendations deal with conflicts of Read More …
Recommendations: Answering the key questions
As I have already said, I think it useful to restate and reorder what I have set out above so that the reader can see the way in which particular recommendations fit together. Restated and reordered below, the recommendations seek Read More …