Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Act 2020.
(No.2, 2020)
The Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures)) Act 2019 (Cth) was passed by the Federal Parliament and Assent was given on 17 February 2020. The legislation is effective for mortgage brokers from 1 January 2021.
The legislation amends the National Consumer Credit Protection Act 2009 (Cth) and, among other things, gives effect to obligations on mortgage brokers to act in the best interests of the consumer and to give priority to the consumer’s interests. Other elements of the legislation include impacts on broker remuneration including giving or accepting conflicted remuneration.
To assist understanding of the legislation, the ‘Replacement Explanatory Memorandum’ provided to the Parliament at the time the Bill was considered can be found here: https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r6453
You can sign up for free by creating an account. If you are new to the portal, select "Create an account" to register and gain access to a range of free and useful resources.
If you already have an account, simply log in. Once logged in, you can easily apply for membership. If you need assistance, call our support team on 1300 554 817 for assistance.