As members will be well aware, a number of key reforms affecting the mortgage broking industry are set to commence over the next week.

The reforms in relation to Reference Checking, Breach Reporting and Remediation commence on 1 October 2021. The Design and Distribution Obligations and ASIC Regulatory Guide 271: Internal Dispute Resolution (RG 271) commence on 5 October 2021.

The MFAA have released a suite of learning resources to help members to understand and comply with these reforms. These include Learning Modules on:

  • Breach Reporting (2 CPD hours)
  • Notify, Investigate and Remediate Obligations (1 CPD hour)
  • Reference Checking and Information Sharing (1 CPD hour)
  • Design and Distribution Obligations (1 CPD hour),

Members can access these modules on the MFAA Learning Hub in the Compliance tile at https://learn.mfaa.com.au/

To assist members in complying with RG 271, the MFAA have also developed helpful resources including a Sample Complaints Policy and a Sample Internal Dispute Resolution Procedures. Members can access these resources on the MFAA Learning Hub in the Compliance Resources tile at https://learn.mfaa.com.au/.

Your member number will be required.

Update on Breach Reporting

Members who are credit licensees should already be registered on the ASIC Regulatory Portal for their industry funding obligations. Licensees are encouraged to organise portal access for relevant employees who are responsible for lodging breach reports before 1 October.

Members should also be aware that ASIC has released further guidance to licensees on how to lodge breach reports through the ASIC Regulatory Portal including frequently asked questions. ASIC’s guidance can be found here.