Something’s missing in Mortgage CPD-1

Something’s missing in Mortgage CPD?

Posted by Kate Whiteley on Nov 12, 2019 3:25:00 PM

Are you really complying with your ACL CPD obligations? ASIC's RG206 is more prescriptive and expansive than you think...

ASIC is quite clear – in fact prescriptive – in identifying and mandating the scope of credit CPD in RG 206 Credit licensing - Competence and training:

 


 

Hello compliance, my new friend

Posted by Kate Whiteley on October 28, 2019 12:15:00 PM

Compliance is not a role for the quiet ones.

Quite often it’s perceived as a separate function that needs to be deferred to from time to time. On other occasions, it’s considered an unfortunate but necessary intrusion into day-to-day activity. In a climate of regulatory change, the Royal Commission, and customers generally scrutinising every company they deal with, the importance of compliance cannot be underestimated.


 

Putting the professionalism back into credit CPDPutting the ‘Professional’ Back into Credit CPD

Posted by Kate Whiteley on Nov 6, 2019 12:37:20 PM

Are you getting the value you deserve from your CPD? In the new world of the discerning customer, reading trade news articles is no longer going to cut it. It’s time to put the ‘professional’ back into credit CPD.

What if, instead of a burden, CPD was perceived as a value-add that can not only improve staff competency but also rebuild consumer trust? 


 

How do you solve a problem like ethical misconductHow do you solve a problem like ethical misconduct?

Posted by Kate Whiteley on Oct 1, 2019 10:12:31 AM

You’d be hard pressed to find anyone who would argue that the increased focus on ethics and professionalism in financial services is a bad thing. But, can ethics be taught? And if so, is teaching ethics enough to protect consumers?

 


 

DDO and PIP

De-mystifying DDO and PIP

Posted by Kate Whiteley on Sep 23, 2019 4:24:59 PM

They’ve been five or so years in the making but financial services in Australia must adjust to the introduction of design and distribution powers and product intervention powers (DDO & PIP). How will you be affected & what do the new rules mean for your organisation & how it deals with its customers?

 

 


 

Nobody puts RG146 in the cornerNobody puts RG146 in the corner

Posted by Belinda Brown on Sep 11, 2019 10:35:57 AM

The word on the street is that the RG146 training standard won’t undergo wholesale changes anytime soon. Indications from ASIC are that they will look to revise general advice warning requirements and join calls for general advice to be renamed first.  While ASIC research demonstrates the confusion the term “general advice” causes among consumers, there is little evidence, in fact, of any widespread conduct issues attributable to the training standards in RG146.


 

Hiking the AFSL trail  Hiking the AFSL Trail 

Posted by Kate Whiteley on Sep 5, 2019 5:26:13 PM

ASIC is scrutinising AFS licence applications very closely – one slip and all your hard work is undone; your application is rejected and suddenly you find yourself back at square one. In this article, we share some tips for staying on track and getting through the application process in one piece.

 

 


 

Keeping the Pace Responsible LendingKeeping pace with Responsible Lending

Posted by Kate Whiteley on Aug 20, 2019 1:45:45 PM

With Treasury and ASIC working fast to revise responsible lending and introduce a best interests duty, credit providers will need to keep up with the accelerating pace of change or risk being left behind.

 

 


 

Should I Stay or Should I go Part 2Should I Stay or Should I Go? (Part 2) Five top reasons to self-license

  • Posted by Anne Wilkinson on Aug 13, 2019 12:30:20 PM
  • Financial planning businesses are evolving, as new licensing models emerge. In this two-part blog series, we examine the pros and cons of the AFSL market. Part two of our look at financial planning licenses takes you through our top five reasons to self-license.



Consumer Data RightConsumer Data Right – the floodgates have opened

Posted by Kate Whiteley on Aug 8, 2019 3:13:42 PM

A new era in data accessibility has begun, triggered by the passing of the Consumer Data Right (CDR) Bill on 1 August this year. But what sparked the development of the CDR and how is the banking sector expected to manage this new commodity?

 


 

The top 5 reasons to stay with your licenseeShould I Stay or Should I Go? (Part 1) The top 5 reasons to stay with your licensee

Posted by Anne Wilkinson on Aug 6, 2019 4:31:21 PM

Financial planning businesses are evolving, as new licensing models emerge. In this two-part blog series, we examine the pros and cons of the AFSL market, starting with the top five reasons to stick to the traditional licensee approach.

 


 

“Dont worry, the expectations are the same  as ever ... only completely different.”The ‘Not Unsuitable’ vs the ‘Customer First Duty’

Posted by Therese O'Neill on Jul 30, 2019 9:29:53 AM

You’ve probably heard about the ‘Customer First Duty’, which is intended to replace today’s ‘Not Unsuitable’ test and improve customer outcomes. Here’s what you (and your clients) can expect when the new measure comes into play…

"“Dont worry, the expectations are the same as ever ... only completely different.”

 


 

How to have that conversation with our over-spending clients (Part 3 The hard truth vlog series)Part 3 How to have that conversation with our over-spending clients (The hard truth vlog series)

Posted by Therese O'Neill on Jul 25, 2019 11:20:05 AM

No-one likes being at risk of rejection in life, including the prospect of having a loan application declined. And the situation can be unpleasant on the other side too, for the mortgage broker having to broach the subject!

In part 3 of our 3-part vlog series, mortgage industry adviser Therese O’Neill shares 4 avenues for helping clients get their finances in order and increase their chances of application success – solutions that can turn awkwardness into smiling faces all around.

 


 

Getting living expenses right - 5 top tips (Part 2 The hard truth vlog series)Part 2 Getting living expenses right - 5 top tips (The hard truth vlog series)

Posted by Therese O'Neill on Jul 23, 2019 1:08:30 PM

Explaining to your clients how living expenses scrutiny has become sharper in a post Royal Commission world can be a danger zone.

In part 2 of our 3-part vlog series, mortgage industry adviser Therese O’Neill shares 5 areas to watch for so you and your clients can navigate this phase of the loan application process safely and smoothly.

 


 

Setting the scene, how living expense scrutiny has changed (vlog)_Part 1Part 1 Setting the scene, how living expense scrutiny has changed (The hard truth vlog series)

Posted by Therese O'Neill on Jul 22, 2019 9:23:16 AM

Hard truths can emerge during the tricky task of doing a proper review of a client’s living expenses. 

In part 1 of a 3-part vlog series, mortgage industry adviser Therese O’Neill examines two key focus areas for the expenses assessment phase, to help you survive regulator scrutiny and delight your clients.

 


Tips to de-risk your broking practice under new commission modelsSurfing the Clawback Cash Flow Wave | Tips to de-risk your broking practice under new commission models

Posted by Therese O'Neill on Jul 10, 2019 8:45:55 AM

Governments, regulators and lenders are always moving the flags. But by implementing some proven practice management techniques, you can keep your head above water and see you and your clients safely and delightfully riding every mortgage wave.

 


 

Why Australians need payday loans (and responsible lenders)Why Australians need payday loans (and responsible lenders)

Posted by Belinda Brown on Jul 5, 2019 4:24:05 PM

With meaningful dialogue and sensible reform, regulation of Australia’s payday lending sector can strike the right balance between facilitating access to credit while ensuring appropriate levels of consumer protection. 

 

 


 

How do you have that capacity conversation with your clients?

The hard truth! How do you have that capacity conversation with your clients?

Posted by Therese O'Neill on Jul 10 2019

A proper assessment of living expenses can be tricky and this can be a common cause of loan applications being rejected by lenders. Given that it’s important to get it right the first time, we present 5 living expenses assessment tips.

 

 


 

Unusual predictors of the state of the economyUnusual predictors of the state of the economy

Posted by The FEP team on Jun 12, 2019 12:38:51 PM

Hemline Index! Consumer Consumption Of Beer Index! CPI and interest rate trends are not the only predictors of economic activity according to markets folklore.  Do these indicators have predictive powers…

 

 


 

Responsible managers – a first line of defence worth investing inResponsible managers – a first line of defence worth investing in

Posted by Kate Whiteley on Jan 25, 2019 11:34:35 AM

What makes an RM, an RM? Hint...it’s not just the title. Far from the sometime treatment as a ‘tacked-on’ role, responsible managers as a first line of defence are worth investing in.

 

 


 

Overcoming the illusion of complyingOvercoming the illusion of complying

Posted by Kate Whiteley on Sep 4, 2018 10:43:05 AM

Why do we call it a cpd year when, in all honesty, almost everybody scrambles to complete in the last weeks before their enrolment expires?

This year, the theme in financial circles has been trust and confidence, including demonstrating ethical and professional conduct. Additionally, the looming final year of current adviser education standards has coincided with general discussion about the future of work in an Industry 4.0 world.