Best Interest Obligations (BIO) – Mortgage Brokers & Financial Advisers in the same boat

Financial Advisers may not be aware of the fact the Mortgage Brokers will have a similar BEST INTEREST DUTY, CONFLICT PRIORITY RULE, & CONFLICTED REMUNERATION framework imposed on them through legislation, effective the 1st January 2021. Similar to s961 of the Corps Act, the relevant legislation is s158 of the NCCP (Credit) Act in which …

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