The MFAA’s submission to ASIC’s Draft Regulatory Guide 000 – Mortgage brokers: Best interests duty

Consultation Paper 327 – Implementing the Royal Commission recommendations: Mortgage brokers and the best interests duty, and the Regulatory Guide 000 – Mortgage brokers: Best interests duty were released on 20 February 2020 as part of a one-month ASIC consultation period. In response, the MFAA made a submission by Friday 20 March 2020.

On Wednesday 24 June 2020 ASIC published the Regulatory Guide 273 Mortgage brokers: Best interests duty (RG 273) which contains ASIC’s views on how mortgage brokers may comply with their best interests obligations at key stages of the credit assistance process. In doing so, ASIC made public the MFAA’s submission, which can now be viewed here.