Finance and mortgage brokers across the country will be taking part in a series of important training days this week as the industry counts down to January 1, 2021 when the Best Interests Duty (BID) will come into force.
From Wednesday October 21 to Tuesday October 27 brokers in every state and territory will participate in this digital educational course that will ensure they are BID compliant.
Finance Brokers Association of Australia (FBAA) managing director Peter White AM warned brokers not to take the legislation lightly and pointed out that ASIC’s Regulatory Guide 273, which outlines the steps that should be taken to minimise the risk of non-compliance, is 52 pages long.
“There is a lot to know and much to comply with. Like any regulation, it’s easy to miss the detail and get into trouble,” he explained.
The “Get BID Ready” series will train brokers in the compliance guidelines, something Mr White said may require structural process changes to practices for some brokers.
“Some within the industry will need to change the way they approach giving credit assistance to consumers and others will need to improve their record keeping,” he said, adding that compliance with the new BID has a heavy emphasis on good record keeping.
“The royal commission has shown us that we can’t be complacent about compliance.”
Upon completion of the course, participants will receive a certificate and the only regulatory expert-written BID Compliance Pack, as well as three CPD hours.
The BID Compliance Pack contains the only content of its kind in the industry, as developed by the leading regulatory and educational experts in Australia. It includes a BID obligation flow chart, obligation record keeping tool and compliance self-assessment tool.
Mr White said he hoped the entire industry would join for important training like this as it is open to all brokers not just FBAA members.
There is still opportunity to book at https://www.fbaa.com.au/upcoming-webinars.