The MFAA represented the broker industry at a key Treasury and Regulator briefing regarding implementation of the Government’s Regulator Performance Framework
Attended by MFAA chief executive Siobhan Hayden and compliance manager Peter Kennedy, the association says event was a unique opportunity to discuss this new Framework with industry stakeholders. It was facilitated at ASIC’s Sydney office by the Treasury’s general manager, deregulation, Paul McCullough and a network of key regulator representatives.
The new Regulator Performance Framework
was released in October 2014 as part of the Government’s election commitment to reduce unnecessary or inefficient regulation imposed on individuals, business and community organisations by at least $1 billion every year.
“The MFAA is committed to having a voice in these discussions, and directly representing our network of 11,000 members,” Hayden said.
“We appreciate the opportunity to participate in this ongoing consultation process, particularly with ASIC and APRA, as the only representative of the mortgage and finance industry in attendance at yesterday’s event. This was a key chance to find out more about the Framework and discuss the way forward with other stakeholders.”
The Framework establishes a common set of performance measures that allow for comprehensive assessment of regulator performance and engagement with stakeholders.
For the first time, all Commonwealth regulators will be assessed by six key performance indicators: reducing regulatory burden, communications, risk-based and proportionate approaches, efficient and coordinated monitoring, transparency, and continuous improvement.