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.
ASIC casts aggregator from industry for EDR error