When you’re wearing more than one hat in your business as a broker, accountant, financial planner, you’re juggling more than just responsibilities. You’re also managing potential conflicts of interest. And when those conflicts aren’t properly disclosed, they can put your clients, your business, and your compliance standing at risk.

Brokers must disclose any relationships (including referrers), benefits or interests that could influence credit assistance. While AFG includes standard disclosures (like bonus or volume arrangements) in the Credit Guide, anything outside of that, especially involving dual roles or related parties, needs to be updated manually.

You can do this quickly in FLEX under User Preferences > Report Default Information. Once added, the system automatically updates your Credit Guide to reflect the new disclosures. Learn how to update your disclosures in FLEX. BrokerEngine Plus users are also required to update via FLEX.

But it’s not just about including a line of text. The Best Interests Duty (BID) requires brokers to always put the client’s interests first, even ahead of their own or those of any associates. This is known as the conflicts priority rule, and it means you can’t manage conflicts by disclosure alone, or by simply getting the client’s consent. If the client could be disadvantaged, you must find a way to manage it (and document how you have managed it), or step away from the recommendation altogether.

Don’t let something small become a bigger issue. Taking a few minutes now to check your disclosures and processes could save time and trouble down the track.

Read the full Help article on the BID Conflicts Priority Rule.