As you are no doubt aware, late last month ASIC finally released its Regulatory Guide RG273: Mortgage Brokers: Best interests duty. QED produced a very brief communication on this a couple of days after. It was very brief, wrapp...
Best Interests obligation
The Royal Commission recommended that mortgage brokers be required to act in the best interests of their clients, in line with the existing requirements for financial planners, and the Act itself contains only the vague and...
In a turn of events that surprised even QED, on Tuesday the judgment in the landmark ASIC v Westpac responsible lending case was handed down in resoundingfavour of Westpac.
Notwithstanding any appeal, the judgement has a resounding impact on h...
What is ASIC looking for in the second half of 2017?
You may be aware that, last month, the Federal Government passed legislation that is intended to fully fund ASIC's supervisory costs. Unfortunately, the legislation is quite poorly thought out and it is impossible to accurately predict exactly wh...