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FAST has joined the call for brokers to start preparing for the introduction of the best interests duty, ahead of its scheduled implementation date of 1 July 2020.
Speaking during the inaugural Digital Broker Forum held by aggregator Finance & Systems Technology (FAST) on 2 April, Rob Ryan, FAST’s head of NSW/ACT and QLD, suggested that brokers should be preparing for the best interests duty now.
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Like several industry participants – including Connective director Mark Haron, NAB’s general manager, broker distribution, Steve Kane and Mortgage Success broker and director Katrina Rowlands – Mr Ryan said the key for successful BID implementation is to “ask, educate, record and recommend”.
He explained: “Brokers need to document to their customer why a lender is being recommended, along with why the structure and product is best for their interests.
“The important shift to think about is how to document (show that you know) the process you go through to come up with the best solution to meet your clients’ needs and make that recommendation.”
Anthony Waldron, acting chief customer officer, consumer bank, at NAB and former chair of the Combined Industry Forum, also shared his insights on the regulatory landscape for 2020, while Andrew Gooding, director of aggregator marketing at NAB, provided marketing tips for brokers and Simon Southwell, GM of performance and operations at NAB Broker, shared the latest CRM updates on Podium and how brokers can keep up to date with the technology while working remotely.
Speaking on the Digital Broker Forum, FAST CEO Brendan Wright said: “The year is absolutely flying by with the unprecedented events we’re all experiencing. There is an enormous amount of change going on, and we are into another year that is set to be a defining time for our industry and our nation.
“In the face of growing business challenges for brokers and their customers, FAST is committed to working side-by-side with brokers to help them adapt to uncertainty and providing security now and for the rapidly changing future.”
Mr Wright added that the aggregation group would continue to provide distance training and development sessions in near future, concluding: “Our priority is to ensure that [brokers] and our teams are safe and healthy.”
*This story was updated on 20 April 2020 to remove outdated economic forecasts.
[Related: Top tips for staying across your legal obligations]
