Three big customer victories through the banking royal commission

Three big customer victories through the banking royal commission

Home loan broker most readily useful passions duty, unjust contracts rules extended to insurance, and better legislation for funeral items.

Have to know

  • Three key guidelines because of the banking royal payment now have actually the force of legislation
  • They’ve been: a most readily useful passions duty for lenders, unjust agreements law extended to insurance coverage, and ASIC to manage funeral that is expenses-only items
  • All three reforms be removed the rear of major SOLUTION investigations and longstanding campaign priorities

In a long-awaited triple win for customers, three key suggestions that came out from the banking royal payment have now become legislation.

PREFERENCE, along side monetary counsellors and community appropriate centers across Australia, have actually long campaigned for those essential reforms to be lawfully binding.

All three target inequities that are serious the banking sector and also make the device fairer for clients.

The brand new rules come from the back of some present major SOLUTION investigations.

1. Desires responsibility for home loans

The authorities has passed away a most readily useful passions responsibility for lenders, one thing SELECTION happens to be campaigning to see legislated for quite some time.

As yet, lenders only have been necessary to suggest loans which were “not unsuitable”.

Now agents is legally obligated to provide you with guidance in your very best passions, based on your circumstances that are financial.

We have carried out a true amount of investigations in to the home loan broking industry in the last few years. […]