BROKER NEWS TV: Industry bodies have a future
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6/08/2010 5:30:00 AM
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Industry bodies including the MFAA have a future role to play, despite ASIC taking over responsibility for supervision of the industry, according to a panel of leading industry representatives.
Speaking in an exclusive discussion with Broker News TV, FirstMac's chief operations officer James Austin, Resi's new chief executive Lisa Montgomery, FAST's managing director Steve Kane and Mortgage Choice's manager of non-core products Simon Dehne declared there was still a need for industry associations.
"I think that some comments suggesting that with ASIC now the regulator that there is no need for a common body is really nonsense," Austin told Broker News TV. "You need an industry group to promote industry concepts".
Dehne agreed. "You look at the financial planning industry and they have industry bodies that represent them, and I think that's the key word - representation. ASIC isn't going to be out there promoting you as a profession," he said.
The panel also went on to tackle the issue of volume hurdles - and if they were of benefit to the industry.
To view the panel discussion, go to Broker News TV.
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Positive Broker on
06 Aug 2010 03:16 PM
This might be controversial but I think MFAA in particular did a good job of lobbying ASIC & Govt to ensure a workable regulatory environment. I''m not wild about MFAA but I hate to think what the NCCP might have looked like without their input.