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.
The MFAA was disappointed by the ill-informed comments from consumer advocacy groups that were reported in the media today in regard to the ASIC Review of Mortgage Broker Remuneration. The MFAA believes the changes they proposed to broker commission models would be detrimental to consumers’ interests.
The MFAA represents 12,900 brokers, each of whom is responsible only to consumers – their customers – and rely entirely on customer relationships and referral to grow their businesses.
The Mortgage & Finance Association of Australia (MFAA) has expressed concern at a research report released today by UBS which claims that Australian mortgage brokers are ‘overpaid’, but has based its findings on incorrect data.
The report implies that for every mortgage written in 2015, brokers received an average remuneration per mortgage of $4,600, but this is not correct.