MFAA CEO Phil Naylor has outlined the association’s lobbying record, saying that it has aimed to stay ‘inside the tent’ to influence outcomes rather than ‘throwing rocks’ at regulators.
Speaking at the association’s annual member conference, Naylor told brokers that the association had achieved broker-friendly NCCP legislation that still achieved its consumer protection goals.
He said the association had worked with regulators closely ‘inside the tent’ to influence change, rather than castigating them from outside which he said would not influence outcomes.
Naylor said the association is taking the same approach with its feedback on NCCP’s second round, which aims to regulate business lending in a similar way to the consumer lending regime.
“We’ve taken the approach that ‘if it ain’t broke, don’t fix it’,” Naylor said in relation to the new legislation. “Our preference is for a light touch regime.” He said this would involve formal registration, and potentially EDR schemes, rather than fully fledged responsible lending.
“The feedback so far has been that it may be something that looks like that,” Naylor said.
Naylor said the association recently jumped on new draft SMSF legislation released a few months ago that would have ruled brokers out of writing SMSF business. He said as a result of the MFAA’s lobbying, the regulators admitted this was not the intention, and would change the draft.
Naylor said it was critical that brokers support the association to ensure it was strong, so that it could continue to lobby regulators on behalf of the industry.