solution . It offers a highly professional experience for the broker .
So the four promises we started with remain Loan Market ’ s pledge to its brokers and each one of them is significantly enabled by MyCRM . Anyone who has even a partial acquaintance with Australian fintech will know about the ‘ Best Interests Duty ’ ( BID ) legislation following the Royal Commission into Misconduct in the Banking , Superannuation and Financial Services Industry . A recommendation of Commissioner Kenneth Hayne , the BID legislation passed in February 2020 and takes effect from July 1 . It seeks to introduce a duty for mortgage brokers to act in their clients ’ best interests . Loan Market stresses that its brokers have been fulfilling this requirement all along . But once it is enshrined in legislation , the formalised requirement will give brokers and their customers an even closer bond - a distinct advantage over direct lending channels
MyCRM is ideally placed to take on these changes as the technology already provides the aspects required by the legislation , and the best interest principle has always been embedded in its mission statement . There may be some small tweaks , but mostly it will be a training process to ensure users adopt the tools effectively and efficiently to ensure accurate record keeping . The aggregator believes they are in the best place in the industry to support their brokers through the impending changes .
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