Best Interests Duty (BID)

This new legal requirement is being introduced as a result of the recent Royal Commission into the finance sector.  Its goals are as follows:

  • To improve customer outcomes
  • To ensure brokers act in the best interests of their customers
  • To reduce the potential for conflicts of interest to impact the assistance customers receive from brokers.

BID comes into effect from 1 January 2021 and will be incorporated into brokers processes and procedures from that date.