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.
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.