GENERAL PROPERTY

Mortgage broker reforms postponed

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ASIC has deferred its planned mortgage broker reforms recommended by the Hayne royal commission, due to the impact of covid-19.

The commencement date of the mortgage broker best interest duty and remuneration reforms and the design and distribution obligations will be postponed for six months, until 1 January 2021.

ASIC will defer the commencement date for the design and distribution obligations until 5 October 2021. The deferrals are also consistent with the government’s announcement to postpone the implementation of commitments associated with the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

ASIC said its decision will allow industry participants to focus on immediate priorities and the needs of their customers at this difficult time.

“In making this decision, ASIC also had regard to the important protections for consumers that these requirements introduce. We expect entities will continue preparing for commencement on the extended timeline. ASIC has also conveyed our expectations of meeting consumer needs at this time, including directly to lenders and insurers.”

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