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The Mortgage and Finance Association of Australia (MFAA) hosted its Looking Ahead event on Tuesday (10 February), which featured the Australian Securities and Investments Commission’s (ASIC) first industry discussion surrounding its best interests duty review.
“Hearing directly from ASIC helps our members understand not just the compliance requirements, but the intent behind the regulation and how to embed best practice in their businesses,” said MFAA chief executive officer Anja Pannek.
ASIC senior executive leader Nathan Bourne joined MFAA executive Naveen Ahluwalia at the virtual professional development session, addressing almost 3,000 mortgage and finance brokers. Bourne outlined ASIC’s current monitoring work, key areas of focus and expectations for broker conduct under BID.
Bourne confirmed the regulator was analysing a large volume of data from broker files and conduct records, which would ultimately determine the results of its BID review.
ASIC launched its information-gathering exercise in June 2025, its first major review of BID compliance since the obligation took effect on 1 January 2021.
Bourne confirmed the regulator is analysing data from six national aggregators, including broker files, commission arrangements, complaints handling frameworks and supervision systems.
The review is examining how brokers document product recommendations – particularly where loans are not the lowest-cost option, how aggregators oversee broker conduct, and whether remuneration structures create potential conflicts of interest.
While noting improvements in supervision systems and technology across the industry, Bourne emphasised that strong record keeping and clearly articulated reasoning for recommendations remain fundamental. ASIC is expected to release a report outlining practice standards, with more serious findings potentially triggering enforcement action.
Read the full story at Broker Daily’s sister brand, The Adviser.
Priorities and outlook for 2026
At the meeting, Pannek outlined the MFAA’s strategic priorities for 2026, including payroll tax, open banking and ensuring sustainable broker remuneration. She also highlighted the MFAA’s continued advocacy and member support through initiatives such as the Business Growth Roundtable Series Insights, a revamped Find a Broker website and the annual national consumer campaign.
“We are seeing three key factors converging and shaping our industry: trust, professionalism and opportunity … they are the core reasons Australians continue to choose you and are the driving factors behind your business growth,” Pannek said to brokers.
HSBC chief economist Paul Bloxham and Domain Insight senior economist Dr Joel Bowman delivered economic updates to help brokers understand the broader forces shaping client needs and property trends in 2026.
Bloxham said HSBC expects one further cash rate increase from the Reserve Bank of Australia.
“Even though we’ve only had a modest pick-up in demand, it’s hit a supply constrained economy … we’ve had very weak productivity growth in Australia,” he said.
Bowman said Brisbane, Adelaide and Perth had led property price growth, but that momentum is expected to moderate this year. Regional markets have outperformed capital cities as housing affordability pressures prompt more buyers to look beyond metropolitan areas.
Brokers Kate Sadler, director of The Broker Society, and Paul Katranis, director of SA Wealth Group, then shared practical, broker-led growth strategies during a panel session based on insights from the Business Growth Roundtable series, including strategic partnerships and complementary services.
Sadler said the best advice she can give to any broker, whether hiring new staff or attracting new clients, is that “it has to be a fit not only from a personality perspective, but from a values perspective”.
[Related: Brokers urged to rethink SME strategy]