Show Notes
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
Like this episode? Leave us a review and subscribe to Broker Bulletin on your favourite streaming service, so you never miss an episode. Got a question, an idea or a guest suggestion? Email us at [email protected] Connect with us on Instagram @lmg.broker and on LinkedIn. Find out more about LMG → 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 See omnystudio.com/listener for privacy information.
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