MFAA Chairman Cynthia Grisbrook helped lead a panel discussion at the 2017 ASIC Annual Forum, moderated by Stephen Sedgwick, AO, on the implications of ASIC's Review of Mortgage Broker Remuneration.
The MFAA has lodged a submission on Treasury’s proposal for industry to fund the activities of the Australian Securities & Investments Commission (ASIC) in relation to the credit and credit intermediary sectors.
Following a recommendation from the Financial Services Inquiry, the Australian Treasury has released a Proposals Paper on an industry funding model for the Australian Securities & Investments Commission (ASIC). The objective of the Treasury model is to match industry funding with ASIC's actual costs in dealing with each sector that it regulates.
Following further discussion between the MFAA, ASIC and Treasury, it appears the previous model was based on incomplete data. As such, ASIC and Treasury will be working to revise the model over the coming weeks - in consultation with the MFAA - as they receive updated data from the industry.