The task of compliance is likely to dominate the mortgage broking landscape in the year ahead, but 1st Street's Jeremy Fisher will still look toward growth.
MPA Top 100 Broker Jeremy Fisher of 1st Street Home Loans has told Australian BrokerNews he expects compliance issues to continue to dog the industry in the year ahead. While MFAA chief executive Phil Naylor told Australian BrokerNews he believed compliance would be "a matter of course with most brokers" following a year of NCCP regulation, Fisher has predicted brokers will continue to struggle with the regime.
"The changes to NCCP and compliance procedures are likely to continue into 2012, making it challenging for some brokers to meet the requirements and remain in business," he said.
While Fisher said compliance procedures were likely to continue "evolving" throughout 2012, causing difficulty for many brokers, he commented that the development is not necessarily a negative one.
"This will probably continue, which is good for the industry as a whole, and it is also beneficial for borrowers," he said.
Compliance concerns also won’t stop Fisher from looking to expand his business in the year ahead.
“We are currently developing our 2012 business development plan which will include a few new goals and strategies. I am also looking to grow the number of brokers in the group over the next 12 months,” he said.
ASIC's first verdict: Low-doc brokers found wanting
ACLs to prove a liability