The federal opposition has argued that the removal of responsible lending obligations could instigate another round of predatory lending amid the introduction of the bill into Parliament.
Platform Finance launches BID-compliant CRM
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The asset finance group has launched a BID-compliant CRM system, in addition to a quoting and lodgement system designed for mortgage brokers.
Platform Finance has rolled out its customer relationship management (CRM) system, Platform Connect, as the group prepares for the official start of the best interests duty (BID) on 1 January 2021.
The launch has come on the heels of the federal government looking to extend BID to all credit assistance providers instead of just mortgage brokers in a move to reduce conflicts of interest.
This is in accordance with new consultation on changes to the responsible lending obligations announced by the government in September, with the bill surrounding the BID extension and the removal of responsible lending obligations introduced into Parliament on 9 December.