Naylor says the organisation welcomes ASIC’s ‘strong involvement’ in the regulation of the finance industry, as well as its focus on the provision of three key areas this year, which he describes as: fraudulent documentation, misleading advertising and inadequate disclosure.
“The MFAA backs up ASIC’s moves in this area, as we are determined to ensure the highest professional standards from our members, as well as enforcing our strict and independent disciplinary procedures, backed up by high education standards.”
He says ASIC and the MFAA have also come to an agreement regarding the usage of the term ‘independent’ in broker business names.
“They’ve agreed to discuss with any broker who feels inconvenienced and anyone who comes to us, we just pass on to ASIC. However, there have only been a handful – we’ve only identified four or five individuals.”
Naylor says the National Consumer Credit Protection Act (NCCP), enforced by ASIC, has gone a long way in tightening up the mortgage and finance industry’s standards.
“That is why, as an industry body, we enforce strict rules on our members to ensure they deliver the best possible service and customer protection.”