We have your best interests!
You may have heard about the new government initiative, the Best Interests Duty (BID) being introduced as of January 1, 2021 and wondering what the new legislation means and how it affects you.
The new BID rule requires brokers to determine and assess the best interests of the consumer and present recommendations in line with those interests and take all steps necessary to ensure that they act in the consumer’s best interest.
Another important issue tackled by BID is The Conflict Priority Rule: brokers must not provide credit assistance that generates revenue to themselves, their licensee or other related party if the credit assistance that generated the revenue is not in the client’s best interest.
This came as no surprise to Peasy as we have always acted in our client’s best interests! Any new processes we have had to implement solely relate to now keeping more information and paperwork saved in each clients file.
Whilst BID will cause hardly a ripple here at Peasy in terms of changing our processes we are supportive of this initiative and believe that will protect both clients and brokers when it comes to choosing the most appropriate loan product.
Amanda Christmann, our co-director has shared her views on BID and how she feels it will impact the industry, but not necessarily Peasy.
Here’s the link to the article: Australian Broker – BID
If you have any questions, don’t hesitate to reach out! Call us at 1800-3-PEASY.
