Regulatory Alerts2023-06-25 | RG-273RG 273 Mortgage brokers: Best interests duty
The Australian Securities and Investments Commission issued Regulatory Guide 273 to guide mortgage brokers and credit licensees on complying with the best interests obligations under Part 3-5A of the National Consumer Credit Protection Act 2009. The document details the specific standards ASIC assesses during compliance reviews and outlines practical steps entities can take to minimize the risk of non-compliance. This guidance was developed following consultations on implementing Royal Commission recommendations and aligns with broader product design and distribution obligations.
Issued 24 June 2020
This is a guide for mortgage brokers and other relevant Australian credit licensees.
It explains what ASIC looks for when we assess compliance with the best interests obligations in Pt 3-5A of the National Consumer Credit Protection Act 2009 (National Credit Act). It also outlines steps you can take to minimise the risk of non-compliance with these provisions.
Download the guide (PDF 527KB)
Consultation
CP 325
Product design and distribution obligations CP 327
Implementing the Royal Commission recommendations: Mortgage brokers and the best interests duty