ASIC and MFAA confer on the current inquiry

As part of its continuing series of meetings with the regulator, the MFAA met with Michael Saadat, ASIC’s Senior Executive Leader responsible for Consumer Credit, and his team on Thursday 7 July to discuss the progress of the current inquiry and to present concerns expressed by the broker community. The meeting identified a series of key statements that will assist the industry to understand developments. In the meeting the following key information was shared:

MFAA defends role of mortgage brokers

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.

ASIC Broker Remuneration Review: MFAA proposes realistic and achievable path to self-regulation

Sydney, June 30 2017: The MFAA has today made its submission to Treasury in response to the ASIC Review of Broker Remuneration Report, following extensive consultation across the mortgage and finance industry.  The submission reflects the industry's response to the recommendations made by ASIC, including early thinking on a number of detailed, realistic solutions, and how the industry will approach self-regulation.