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Associations slam 'grossly unfair' industry funding model for ASIC

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Australian Broker | 09 Feb 2016, 08:07 AM Agree 0
The MFAA and FBAA have challenged a proposal recommending ASIC should adopt an industry funding model, claiming it will be detrimental to brokers operating small businesses
  • Richard | 09 Feb 2016, 09:06 AM Agree 0
    I couldn't agree more with the Financial System Inquiry (FSI) recommendation that ASIC should adopt an industry funding model. A user-pay model based on volume is highly appropriate for our industry. The Associations views on these matters are redundant as they no longer have a voice, the sooner they wake-up to this reality the better.
  • Steve McClure | 09 Feb 2016, 06:02 PM Agree 0
    That's what the two associations are suggesting, isn't it Richard? A tiered or volume based structure, whereas ASIC proposed a flat fee. Treasury decides on those issues, and Kelly O'Dwyer & Arthur Sinodinos (previously) wouldn't be accommodating meetings like they are, unless they wanted to hear the views of associations that represent over 50% of the mortgage market. I'm willing to bet they'll listen.
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