Joint consumer submission – mortgage broker best interests duty and remuneration reforms

Submission to: ASIC
Joint submission from FCA and the State and Territory financial counselling associations supporting ASIC’s proposed use of its product intervention power to impose a total cost cap on the use by entities of the continuing credit exemption in the national credit laws. The submission includes a number of case studies documenting the significant harm caused by the use of this model by BHF Solutions and its associate Cigno.