ASIC releases guidance on the delayed best interests duty for mortgage brokers; banks told to deploy capital buffers; and NAB’s MLC Wealth in trouble for charging customers a premium on investments not owned by the bank.
ASIC has issued a consultation paper proposing it uses its product intervention power in regards to continuing credit contracts. Like the last time it used these powers (against short-term credit products AKA payday loans), ASIC has found continuing credit contracts cause harm to vulnerable customers. More details here.
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