ASIC rule breakers 'don't belong' in industry

by Caroline Dann17 Aug 2012
Frank Paratore, the CEO of aggregator Ballast claims there's no place for ASIC rule-breakers in the broking industry.
He told Australian Broker Online there was no excuse for non-compliance, following the shock banning of an aggregator in Queensland earlier this month.
"There’s no place for them within the industry. There’s no mincing of words... ASIC is not there to hinder your business," he said.
He said aggregators and brokers who chose not to spend money on ensuring compliance were "short-sighted."
"They’re not viewing their business as a business. If they go down the ACL path, they can continue to focus on writing deals, as opposed to ‘I don’t want to spend $500-plus to protect myself'."
Paratore said Ballast was one of the first aggregators to receive an ACL when the legislation was changed.
Related news:

ASIC casts aggregator from industry for EDR error


  • by Country Broker 17/08/2012 10:17:40 AM

    He is spot on , but banning an aggregator will have serious implications for its accredited Credit Reps who probably have done nothing wrong except checking that the Licence holder has a current memership Of COSL or another organisation,what did ASIC do to help them/ what did the MFAA or FBAA do to help them ? Looking at this ban , makes me feel secure in that I have my own licence!

  • by Tom 17/08/2012 12:28:35 PM

    I guess Credit Rep brokers just change aggregators. Simple.

  • by Really? 20/08/2012 2:46:00 PM

    If there really is no place for rule breakers in the industry, it would be bad news for every Finance dept in car sales yards!