ASIC review finds room for improvement in mortgage brokers’ best interests duty practices
Why this matters
REP 840 is a thematic review of best interests duty and complaints handling practices across 13 credit licensees in eight aggregator groups, covering roughly two-thirds of mortgage broker representatives. It reports findings (brokers often did not recommend the cheapest loan in over 20% of cases, complaints were missed, withdrawn or delayed) and states that ASIC expects licensees to address gaps under RG 273 and RG 271. Sectors are Mortgage & Lending and Consumer Credit, since the subject is home loan broking. Topics are Consumer Protection / Conduct (best interests duty, complaints) and Senior Managers / Governance (licensee supervision and monitoring). No listed firm type fits mortgage brokers or aggregators, so 'All Firms' is used as the closest fallback. Urgency is medium because the report sets expectations but no hard deadline. The score is 3 because the findings are concrete but the document is a report, not a binding instrument.
AI-generated classification rationale, not a full analysis. Verify with the original ASIC source before acting. Full disclaimer.
What the ASIC said
ASIC review finds room for improvement in mortgage brokers’ best interests duty practices
Published by ASIC . Read the full notice at the source for the authoritative text.
Context
Australian Securities and Investments Commission (ASIC) — Australia's financial services regulator. We track 336 updates from them.
Australian financial services are regulated by ASIC and APRA. Browse all Australia updates.
This update is classified under Consumer Protection / Conduct, Senior Managers / Governance, Mortgage & Lending and Consumer Credit.