The FBAA says its new software could help brokers avoid ASIC whip-cracking over EDR membership.
, president of FBAA
, told Australian Broker Online
it was not just the broker's responsibility to check EDR membership, but their parent organisation.
Their new SalesForce platform had an inbuilt reminder system, he said.
members will be getting a reminder from the FBAA
when their PI and EDR is due off our new state-of-the-art system."
"This was specifically built to ensure we could do this sort of pro-active undertakings for our members," he said.
He added it wasn't meant to absolve brokers of responsibility, but simply to "assist to support as best we can the needs in their business."
"That’s what the FBAA
is all about. Given all of our directors have long-term industry experience, this affects us as well... we are here to practically support brokers in their businesses where ever possible."
His comments come after ASIC cancelled the credit licence of a Queensland aggregator for failure to obtain an approved EDR membership.