Your requirements to the CIF
Do you know that you have obligations to record entertainment and hospitality benefits?
Under the Combined Industry Forum (CIF) recommendations, brokers must:
- record entertainment and hospitality benefits (received or given) for value above $100, on a rolling 12 months basis.
- Records must be kept for a minimum of 3 years.
This register is to be made available to clients and prospective clients upon request.
What is considered entertainment and hospitality?
Entertainment and hospitality includes benefits received from or provided to third parties that may be perceived to cause a conflict.
Entertainment and hospitality does not include professional development, training and education events, that have more than 75% identified education content and are offered in a business appropriate location.
You must not accept any benefits that cumulatively or singularly equal to or exceed $300 value in any financial year.
Have you attended events organised by Lenders in the last 12 months?
Click here to inform us any benefits that you or anyone related to you including your team receive from lenders.
Please refer to the Alternative Remuneration Policy within MyCRM for further information on what you can and cannot accept.
Should you require further information regarding this matter, please contact the compliance team at firstname.lastname@example.org.