An aggregation group has introduced a role to its team to further the support available to its brokers as they continue to implement Best Interests Duty (BID) measures into their businesses.
AFG has ramped up its coaching support for its network to help ensure its brokers are comfortable with the way BID is working for their customers and to provide guidance when that's not the case.
According to national compliance manager Shirley Elliot, the support is a “critical part” of AFG’s strategy to look after its brokers.
“Our compliance team currently work with our brokers to ensure they have the tools and support they need to meet their regulatory requirements,” she said.
“This is a key focus for our support team at a time when our brokers are writing record numbers and helping more customers than they ever have before so we want to ensure they have all the help they need.
“With the creation of the new role of BID coach we will be redirecting a member of the team to focus specifically on BID in a tailored session to suit the individual broker’s needs. As BID Coach, the team member will be providing one-on-one coaching for brokers to ensure they are supported to meet their BID obligations.”
AFG’s head of sales and distribution Chris Slater reiterated the importance of the additional level of support.
“We had almost 900 brokers on our Broker Insights webinar last week and another one scheduled this week where the whole focus is Best Interests Duty and understanding the regulations around Conflicted Remuneration,” he said.
“We took more than 100 questions from brokers wanting guidance, support and help with live transactions so we know brokers want one-on-one support and a team they can rely on so we are very pleased to be delivering this key support for our brokers.”
The news comes shortly before AFG’s new technology build is set to be released in early 2021, designed in collaboration with brokers, lenders and regulators and with the new regulations built into the process from the ground up to ensure compliance.
