ASIC has given mortgage and finance brokers their clearest view yet of how the regulator is testing compliance with the best interests duty (BID), using the MFAA’s Looking Ahead 2026 virtual conference to outline its first targeted review since the obligation began in 2021.
Close to 3,000 brokers registered for the event to hear ASIC senior executive leader Nathan Bourne join MFAA executive, policy and legal head Naveen Ahluwalia (pictured, left to center) for a deep dive into how BID files and frameworks are being assessed.
The review comes as the broker channel remains the dominant force in Australian home lending, with MFAA data showing brokers facilitated 77.3% of all new residential home loans by number in the September 2025 quarter – settling around $130.23 billion in new mortgages, up from $122 billion in the June quarter.
Bourne said ASIC began by analysing data it already receives – including reportable situations, misconduct reports, and external dispute resolution information – and then worked out what additional, consistent information it needed from aggregators.
To support this, ASIC has issued data dictionaries, so aggregators can capture comparable information on product recommendations, monitoring and supervision programs, and internal dispute resolution outcomes.
ASIC has been paying particular attention to the reasoning behind brokers’ lender and product choices.
“We want to make sure those frameworks are applied consistently and ultimately that they can be tested by aggregators and licensees to make sure they’re meeting their obligations,” Bourne said.
MFAA CEO Anja Pannek (pictured right) said the session landed at a crucial point for the industry.
“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,” Pannek said.
She also set out MFAA’s strategic priorities for 2026, including payroll tax, open banking, and sustainable broker remuneration, alongside ongoing advocacy through the Business Growth Roundtable Series Insights, a revamped Find a Broker website and the association’s 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.
Federal minister for housing Clare O’Neil used the event to update brokers on the government’s housing affordability agenda, including the 5% Deposit Scheme and Help to Buy Scheme.
O’Neil announced the Help to Buy lending panel would soon expand, adding that “we see mortgage brokers as key partners in delivery, partners in competition, partners in access, and partners in helping Australians turn aspiration into [home] ownership.”
Economic updates from HSBC chief economist Paul Bloxham and Domain Insight senior economist Joel Bowman helped brokers frame client conversations for 2026, while a broker panel featuring Kate Sadler and Paul Katranis shared practical growth tactics – from values-based hiring (“it has to be a fit not only from a personality perspective, but from a values perspective”) to ensuring new revenue lines are repeatable and profitable before scaling.
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