Easy to avoid ASIC 'whip-cracking', says FBAA

by Caroline Dann09 Aug 2012

The FBAA says its new software could help brokers avoid ASIC whip-cracking over EDR membership.

Peter White, 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.
"FBAA 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.
Related news:


  • by Wilko 9/08/2012 1:22:14 PM

    What a crock. Smacks of covering the FBAAs but in case something goes wrong. So can I sue the FBAA when they are late with a reminder or not reminding me early enough? I have been in this industry for many years and have had no problems so cannot see the need for my industry association taking such an active role in my business. Spend the time with the government Mr White and get us less legislation.

  • by Ray - Perth 9/08/2012 3:01:31 PM

    Thanks FBAA. It realy is our responsibility but any help is great. Good to see a representative body actually helping the front line brokers for once and not acting like agro demanding policemen.

  • by Country Broker 10/08/2012 11:40:59 AM

    what a totally self serving comment , the MFAA folow us up very year for our EDR renewal. Our aggregator wants the PI and EDR details and proof we have it.