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Ditch disclosure docs, MFAA tells government

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Australian Broker | 10 May 2012, 06:00 AM Agree 0
The MFAA has called on the government to ditch some disclosure documentation required by the NCCP, claiming it confuses brokers and borrowers
  • Rach | 10 May 2012, 09:57 AM Agree 0
    Amen to that MFAA !
  • melo | 10 May 2012, 09:59 AM Agree 0
    NCCP over complicated simple process.Should be one page document, without all text and crap. past legisation proven to be total waste, paper time confusing + protected nobody .Ie UCCC ,Comparison rates ect.Why take wheels of wheelbarrow ?
  • Peter | 10 May 2012, 09:59 AM Agree 0
    About time MFAA did something useful.
  • Incognito | 10 May 2012, 10:04 AM Agree 0
    Take note if you think the MFAA doesn't do anything on brokers' behalf.
  • sidbroker | 10 May 2012, 10:05 AM Agree 0
    The other big issue as well is that a huge percentage of our population are no longer able to borrow money as under NCCP we are all over regulated to the point where NCCP is unconstitutional and has to be rolled back!!!
  • Kym Dalton | 10 May 2012, 10:08 AM Agree 0
    Indeed! Disclosure and comprehension are not synonyms! Evidence is that the greater volume of disclosure, the less is meaningfully comprehended.
  • Perth Broker | 10 May 2012, 10:17 AM Agree 0
    At last the MFAA doing something to support brokers rather than the lenders!!!
  • Country Broker | 10 May 2012, 10:17 AM Agree 0
    Great to see some positive action from the MFAA , they have been very good in the NCCP Lobbying and standard documentation , I have been a critic about some things the MFAA are doing including the haste of the need for diplomas, but in regards to the NCCP lobbying and documentaion they are very good .
  • Nicole | 10 May 2012, 10:18 AM Agree 0
    I think that one of the most important issues has been missed. My clients are not even reading the documents. I send by email the Credit Guide and the Privacy statement immediately after the first contact. Each has a 'sign here'. Very few sign and send back and I then have them sign an original at the first face to face meeting. As for all the other docs, my research is that they are simply not reading them either. They just want the loan that is best for them and these forms are just blah blah that they have to receive. Let's protect the client in a way that is not a burden to them and has them actually reading them. They don't care how much we MAY get paid, and more than three pages and it's trash.
  • Long term Broker | 10 May 2012, 10:21 AM Agree 0
    Well knock me over with a feather. The MFAA has actually made recommendation that is common sense and will help deliver simpler processes and benefit everyone involved from lender, aggregator, broker, admin and customer.
  • Ripped off broker | 10 May 2012, 10:28 AM Agree 0
    well it about time the MFAA woke up to the screams of pain this NCCP has put its members though. its a bit like why fix what wasn't broken isn't it.
  • Damien | 10 May 2012, 11:03 AM Agree 0
    Nothing like loads of members dropping off the MFAA to spring them into some from of action!.
    Of course the credit quote, guide and brokers contract should be one document, how this was not bleedingly obvious 12 months ago is anybodies guess.
  • Long term broker | 10 May 2012, 11:09 AM Agree 0
    i agree

    replace the 3 contracts or forms into 1 simple all encompassing document
  • Steve McClure | 10 May 2012, 11:32 AM Agree 0
    I disagree. Sure, as an ACL holder, the initial set up of the documents was onerous. But, it was important and I learned more about compliance from examining that than anything else. I have a complete document, populated information - just print off each section at each stage of the loan. ASIC are welcome to knock on the door at any time. HOWEVER, I have raised several concerns about the actual legislation and some of the unrealistic restrictions that stifle lending. Substance of the legislation, not form filling is the real issue that restricts our effectiveness.
  • Alex Filipovic | 10 May 2012, 11:34 AM Agree 0
    Only common sense. However, won't hold my breath that this government can grasp the word simple.
  • Gazza | 10 May 2012, 11:39 AM Agree 0
    Good submission but guess who's listening ...nobody. Just proves that MFAA is the most useless membership at a costs of $411 p.a. for an AMC i might as well donate the money to a charity as at least it will be used on some sort of good cause
  • Ken crawford | 10 May 2012, 11:47 AM Agree 0
    I can agree in that the credit proposal essentially repeats with minor additions what is already in the credit assessment document. I document would get rid of a lot of paper. This is on the proviso that the level of information collected is not compromised
  • brokerboy | 10 May 2012, 12:00 PM Agree 0
    great news,I totally agree, the mass of paperwork required to do a deal really doesnt protect the consumer..it confuses them and me..defeats the purpose
  • Peter from Brisbane | 10 May 2012, 12:20 PM Agree 0
    At last - a meaningful action by MFAA. No doubt that the current process is counter productive for brokers and confusing for consumers. It is quite evident that consumers do not read the documents and brokers' efficiency is certainly compromised unnecessarily. Let's hope the initiative succeeds sooner rather than later.
  • Garry | 10 May 2012, 12:48 PM Agree 0
    I have no problem with Disclosure of commission, trailer, quote, the old F.B.C. had it all and I use a hybrid of the both, just bring back the F.B.C. as it was
  • John Ruddick | 10 May 2012, 01:50 PM Agree 0
    Well done MFAA! This evil Labor Government takes delight in making life tough for small businesses. Self-regulation is the answer - not government heavy-handedness. Let the customers choose who they want to deal with and then good brokers will spontaneously become more professional.
  • Gemini | 10 May 2012, 02:17 PM Agree 0
    I have put in a submission too, asking the same thing, however I didnt charge every broker $500 a year. Should set up my own MIAA...brokers only, not banks
  • Brent | 10 May 2012, 05:09 PM Agree 0
    Totally Agree!!! You hit the nail on the head here MFAA.
  • Norman Taralrud-Bay | 10 May 2012, 05:39 PM Agree 0
    good on you, Naylor.

    the poor clients are confused enough without the need for separate docos
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