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MFAA comes out swinging after APRA warns about risky brokers

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Australian Broker | 07 Nov 2014, 08:33 AM Agree 0
The MFAA has hit back at APRA, saying the regulator is “completely incorrect” in its assertions about the third party channel
  • Vic Regional Broker | 07 Nov 2014, 08:57 AM Agree 0
    It is great to see the MFAA acting quickly and with well thought out comments, to support its brokers.

    Hopefully APRA will realise after these comments and other commentary that it is simply wrong in its comments and its reasons.

    What is needed now is for the Bankers en-mass to come out as well and support its third party introducers! Will they? It's doubtful.
  • John | 07 Nov 2014, 09:20 AM Agree 0
    The facts are there for all to see. When has APRA ever said anything that was right? They stick their head up every now and then.

    Please APRA, get the facts right. Come to my office and you will see first hand how we operate. It does not mean anything what we are paid .50, .60, .70, what that means is that we work bloody hard and long hours to be rewarded. When you see the joy on a customers face, or hear the elation when told their finance is approved, that is what it is all about.
  • Macarthur Broker | 07 Nov 2014, 09:22 AM Agree 0
    Is APRA talking to ASIC? Obviously not. Wasn't this all addressed with the advent of NCCP? APRA needs to get its facts right before publishing such misleading information. Appropriate claw backs? Unfortunately I can show APRA that this is already in place. I know this from bitter experience.
  • Bottom Line | 07 Nov 2014, 09:51 AM Agree 0
    Working for APRA must be the 'cushiest' job in the world. Earning six figure sums, great super schemes etc., and all you have to do is throw out an old outdated cliché every now and then, and then head off to lunch... How do I get in on that?
  • Perth Broker | 07 Nov 2014, 01:45 PM Agree 0
    Are these overpaid Pubic Servants for real. Where did they obtain their information from to make such defamatory comments? Or did they just compare notes with each other over a tax payer funded long lunch?
  • Maria Rigoni | 07 Nov 2014, 11:06 PM Agree 0
    Does the new MFAA CEO support lender clawback provisions? A Yes or No response will determine MFAA position for brokers!!!
    Forget the "this and the that" of NCCP which is a total waste in the consumer protection space!

    Disclosure of broker gross income turnover (commission) will never equate to borrower protection. APRA needs to concentrate on whether ADIs are fit and proper institutions.

    Are these ADIs fit and proper to hold a banking licence? Are these banks honest, fair and efficient in their dealings with their customers? Many would agree the major billion $ profit making banks fail this very basic service delivery test!
  • Peter Heinrich | 10 Nov 2014, 11:03 AM Agree 0
    APRA simply don't get it. If they knew how the system worked they would understand that the lenders approve loans, not the brokers. The brokers simply present loans to the lenders. What they should really be concerned with is in house lenders with DLA's way above their skill levels and who will do anything to get a loan through with little or no scrutiny. Brokers don't have that luxury in that they submit EVERY loan for scrutiny by the lender.
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