MFAA update on proposed ASIC Industry Funding Model

13 December 2016

The MFAA is concerned about Treasury's latest proposed ASIC Industry Funding Model and wishes to provide you with an overview of recent developments. Read the full press release here.

MFAA Rejects Key Elements of Ramsay Review Interim Report

9 December 2016

The MFAA has rejected key elements of the Ramsay Review’s interim report on external dispute resolution, regarding Australia’s three financial sector Ombudsman schemes. The MFAA called on the panel, led by Professor Ian Ramsay, to consider the needs of Australia’s 17,000 mortgage broker businesses in its final policy recommendations. Read the full press release here. 

ASIC provides update on remuneration review

28 July 2016

ASIC has provided updated information to the MFAA on its current remuneration and ownership structure review. The full press release can be accessed here.

14 March 2016

The MFAA's response to ASIC's Review of Mortgage Broker Remuneration Structures Scoping Discussion Paper can be downloaded here.

Potential Changes to the Electronic Transactions Regulations 2000

11 March 2016

The MFAA’s submission on this subject can be found here.

4 March 2016

The MFAA has been working on the draft submission for the ASIC Inquiry and is now seeking your feedback of the proposed document. We are working towards providing a positive review of our industry and you can assist. To keep us on the necessary timetable all feedback must be received by COB Wednesday March 9 via email.  

Download the draft ASIC Inquiry submission here.

24 February 2016

ASIC issued the MFAA with the ‘Broker Remuneration Review – Scoping Discussion Paper’

The Discussion Paper clearly outlines the proposed focus for the review and highlights a series of review elements, including;

1. Overview of the Home Lending Market 

The Home Lending Market Review will consider the core market elements (structures, relationships, activities), it will review the mortgage broker market in the context of the wider lending market, ownership structures and their impact (if any) on product accessibility, loan performance and quality of consumer outcomes.

2. Remuneration Structures 

Forming a key component of the review, all remuneration structures will be examined including non-monetary benefits which relate to the distribution of home lending products throughout the value chain and ASIC will seek to understand any differences in remuneration structures within distribution channels.

3. Consumer Outcomes

Consideration will be given to whether consumer outcomes are currently influenced by remuneration structures.  Key outcomes being reviewed include product price, accessibility, features, performance and service times and consideration will be given to the varying importance placed on these from consumer to consumer.  ASIC seeks to understand the factors and priorities which drive consumers to select their preferred channel and understand consumer expectations of and experiences with, particular home lending distribution channels.

Next Steps

The ASIC round-table meeting will commence this week in Sydney (26th Feb) and next week in Melbourne (29th Feb).  Thanks to broker nominations from last week’s MFAA News both sessions are now FULL with brokers from a variety of backgrounds taking the opportunity to represent the broader membership and industry. 

Next week we will provide an update on these sessions and the information will be used to DRAFT a submission to ASIC on the scope.

ASIC has requested that the MFAA provide written feedback on the scope of the review by Friday, 11th March 2016.