3,000 tune-in to regulatory changes for brokers.

Almost 3,000 finance specialists will tune in to an industry-wide webinar today (Thursday August 26) where experts in compliance will break-down the raft of new regulatory measures facing brokers from October.

Registrations for the webinar, which starts at 3pm, can still be made here

Hosted by Loan Market Group’s Chief Compliance and Risk Officer David McQueen, the webinar will deep-dive into the changes brokers face from October 5:

  • Complaints Management;
  • Breach Reporting;
  • Design and Distribution Obligations (DDO);
  • Deferred Sales Model;
  • Anti-hawking;
  • Reference Checking;
  • Remediation.

The webinar - which is open to the entire industry - will focus on new regulatory initiatives which stemmed from recommendations of the Hayne Royal Commission.

The session will also touch on Loan Market Group innovations which will save brokers time and keep them safe amidst the changes.

Mr McQueen said: “Loan Market Group represents Australasia’s largest group of brokers, so we have a voice at scale. 

“We saw the value in sharing our thoughts and insights into how these changes can be managed to the wider industry, as well. I’m not surprised by the turnout (for the webinar); a lot of brokers are wanting to know how they’ll be affected. 

“If more brokers can collectively sustain these changes, the industry will have a better chance of a sustainable future, and customers will have more choice in the marketplace.”

Mr McQueen said the suite of new regulatory introductions had differing impacts for brokers.

“Some of these changes will have a small impact, like the Deferred Sales Model and Anti-Hawking legislation. But others, like Complaints Management and Breach Reporting, will have a larger bearing on how brokers operate,’’ he said.

“But we know that introducing all these changes at once into their operations will require significant reviews of processes by brokers and their support teams.

“Our compliance and risk specialists will be looking to break down the changes in the webinar so brokers can approach their preparations for October with more confidence.”

Registrations for the webinar, which commences at 3pm today, can still be made here