ASIC has told the MFAA that the industry has done a commendable job in preparing brokers for its remuneration review.
As previously reported on Australian Broker, ASIC would be requesting information and data from lenders and aggregators and individual broker businesses as a part of its review. With requests for information having been issued to around 50 broker businesses, ASIC senior manager of deposit takers, credit & insurers, Michael Blyth, told the MFAA that the regulator was impressed with their attitude.
“The feedback so far from my team is that the brokers who they spoke to were generally happy to participate in the review. The industry seems to have done a good job at preparing brokers for this review,” he said.
ASIC contacted a mix of broker businesses that it felt represented the largest businesses to some that are reasonably small. In respect to the smaller businesses, ASIC only issued requests to businesses that settled at least $10 million of residential mortgages in 2015.
ASIC has reiterated to the MFAA that its review team is available to provide any assistance that brokers need to provide information requested. This is particularly the case for participating smaller broker businesses. ASIC’s review team expects to check-in with those businesses early next week.
ASIC said that its requests to smaller businesses should not unnecessarily disrupt their daily operations.