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• MPA Online

The MFAA's Phil Naylor has declared that mortgage brokers are ready for tougher consumer disclosure requirements, after the final version of the requirements were finally released yesterday.

Naylor told Australian BrokerNews the disclosure amendments were "as expected", following lengthy negotiations with Treasury that have lasted since well before the original implementation date of 1 January this year.

Naylor said that the MFAA would soon be issuing to members a disclosure update, which would inform them of what would be required under NCCP. However, he suggested that the MFAA membership base was well prepared.

"No MFAA member should have difficulty in complying with the disclosure regulations ," he said.

A new implementation date of 1 October was announced last week, following the expiry of the 1 August deadline. "Two months should be sufficient time as MFAA members have been aware of the general nature of the regulations for some time," Naylor said.

Gadens Lawyers senior partner and MFAA lawyer Jon Denovan was not so upbeat, saying that all MFAA members are "not up to speed yet", but would be adequately prepped after the release of analysis of the disclosure regulations and example documentation in the next two weeks.

He added that there may be some "systems and training issues" for larger brokers and aggregators in the market, due to the short time given by the government between the release and 1 October.

Naylor previously championed the association's leadership in saving mortgage brokers from a potentially "horrendous" compliance impost, after the initial draft of disclosure regulations last year presented the industry with what he called a "compliance nightmare".

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