FBAA to bring in digital regulatory support

by Miklos Bolza12 Oct 2017
The Finance Brokers Association of Australia (FBAA) is bringing in further support for member brokers in early 2018 through a new webinar series focusing on regulatory change and upheaval.

This will add to the industry association’s arsenal of broker support to help members through increasing oversight by the Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC).

“We’re working with industry on professional development days, seminars, and so on. The webinar series will further expand on this style of content to prepare people to be able to deal with any potential regulatory change and engage in direct interaction to get their feedback on what’s going on and where the hurt factors may be,” FBAA executive director Peter White told Australian Broker.

The webinar will initially focus on where the ASIC broker remuneration review is at once the combined industry forum sends its completed industry paper to Treasury later on this year. Other topics may also include ASIC’s review on add-on insurance in the motor sector as a discussion point.

“It’ll be based on those key components to inform messages outside of what we can do face-to-face especially into regional marketplaces.”

White stressed however that this added regulatory pressure was actually a good thing, despite the perception that it hurts brokers as small businesses.

To avoid outside scrutiny and attacks, industry needed to become best of breed and in front of the game by meeting all compliance obligations. A high level of regulation around mortgages was natural since taking out a home loan is the biggest financial decision a person can make, he said.

“As small business owners, it’s not easy at all, but if you’re going to be in this space, this is what you’ve got to be prepared to deal with.”

On a more positive note, White said that ACL holders, aggregators and industry associations were all working as hard as possible to shoulder a lot of the regulatory burden and ensure that brokers are fully compliant at the same time.

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