👩🏫 Conference Day = ASIC update!
One thing we're updated on is that ASIC have been digging in our industry.
🤓 Something they are focusing on is consumer choice, and what's called "Best Interests Duty". We are obliged to act in the Best Interests of clients (not ourselves).
Also they review things like:
- How many lender options are presented to clients?
- How many lenders are recommended by a broker overall in a year (say)?
An example provided yesterday was ASIC were reviewing a "broker" who had submitted 99 out of 100 loans to the same lender. We don't really consider that a broker. The good news is that these reviews are a perfect opportunity for brokers like that, to learn and develop.
As a consumer, there are thousands of options. That's precisely why you go to a broker!
➡ TOP TIP! As a consumer please read the broker's Credit Guide - they must legally provide you this before advice is provided. In Credit Guide you can find things like their top lenders, how many lenders were used last year, and how many lenders they are accredited with.
Truly's advice, financial services and property strategies are complimentary. We do this for the best interests of our clients and we relentlessly strive to serve as the best mortgage brokers with uncommon excellence!
James Brett. Principal Mortgage Broker ☎️ 0439 591 759
Victor Simone. Principal Mortgage Broker ☎️ 0449 659 029
Nermalee Bowe. Senior Mortgage Broker ☎️ 0431 274 554
Dragan Disljenkovic. BD & Relationship Manager ☎️ 0422 435 900
Credit Representative Numbers 521733, 550284 & 547037 are authorised under Australian Credit Licence 389328
