The good news first: brokers hold 81.6% market share and account for just 0.5% of AFCA complaints... But ASIC’s Report 840 also shows where files and complaints processes can be stronger.

So, is this a compliance crackdown? And what should brokers be doing to better protect themselves?

In this week’s Broker Bulletin, LMG Chief Risk Officer Luke Jarmaine MFAA’s Executive Policy and Legal at the MFAA, Naveen Ahluwalia, answer these questions, plus more, so you know exactly where you stand.

What you’ll takeaway: 

• Why the cheapest rate isn’t always the best loan for your client

• Why ASIC’s finding on commissions is a big win for brokers

• How to tighten your record keeping so every file stands on its own

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Show notes

00:27 Report 840 at a glance: what ASIC reviewed and why it matters
01:58 Naveen’s first read: a balanced report and a roadmap to improve
04:53 Is the best interests duty working? 81.6% market share and 0.5% of AFCA complaints
06:13 Why the cheapest loan isn’t always the best loan
08:52 What the report says about a maturing industry
11:04 No evidence of commission steering, and why that’s a big win
12:32 Complaints handling: why capturing complaints early matters
15:27 Is a compliance crackdown coming? What to start doing now