Many conversations that the QED team has with brokers hinge on 'what's coming', particularly from ASIC but, increasingly so, from lenders. The law hasn't changed for some time now, so there are no new obligations as such. It's more a case of ASIC becoming more aware of what's going on in the industry and brokers becoming more aware of what all these obligations mean.
We think ASIC's next big focus is 'a licensee's general conduct obligations' - in other words: everything other than responsible lending! That means Licensee's need a proper compliance program, including testing and documentation in all areas of their business, not just reviewing loan files.
Director, QED Risk Services