ASIC has provided updated information to the MFAA on its current remuneration and ownership structure review.
Information requests have been issued to lenders and 14 aggregator businesses.
Requests for information have also now been, or are being, issued to around 50 broker businesses that represent a mix of the largest businesses to some that are reasonably small. In respect of the smaller businesses, ASIC has only issued requests to businesses that settled at least $10m of residential mortgages in 2015.
"The feedback so far from my team is that the brokers who they spoke to were generally happy to participate in the review. The industry seems to have done a good job at preparing brokers for this review," said ASIC's Michael Blyth, Senior Manager, Deposit Takers, Credit & Insurers, who is project managing the review.
Encouragingly, ASIC representatives clarified that their review team is available to provide any assistance that brokers need to provide information requested. This is particularly the case for participating smaller broker businesses and ASIC's review team expects to check-in with those businesses early next week.
ASIC believes that its requests to smaller businesses should not unnecessarily disrupt their daily operations and members should contact the review team if questions arise.