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MFAA educates APRA on broker channel

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Australian Broker | 04 Sep 2015, 08:28 AM Agree 0
The MFAA has sat down with APRA to defend the broker channel and educate the regulator on the role and importance of brokers in the finance and lending market
  • paul willis | 04 Sep 2015, 08:54 AM Agree 0
    Well done Siohban, I know from a personal perspective that APRA don't always know what's going on and rely too often on stakeholders who might have a degree of bias in their communication. It is good to have a decisive and strong voice representing our industry.
  • Joyce Kun | 04 Sep 2015, 09:20 AM Agree 0
    Thank you Siobhan for your continuous effort in speaking up for us brokers.
  • SEQ Broker | 04 Sep 2015, 09:47 AM Agree 0
    Thank You Siohban. APRA clearly do need educating. I am concerned however that they do not consider us brokers a stakeholder when their policies directly affect what we do. More concerning is that someone in APRAs shoes is making policy without considering the effects on everyone. That to me seems careless and somewhat negligent. It is my hope in future that APRA would make a quick call to MFAA and FBAA to gather an opinion of the effects of their proposals before enacting the policy into law.
  • Incognito | 04 Sep 2015, 11:47 AM Agree 0
    ASIC, APRA and the MFAA should have a little get together every 3 months. I'll shout the coffee.
  • Mick | 04 Sep 2015, 12:25 PM Agree 0
    Thank you Siohban for the pro active approach, it's those type of actions that I as an MFAA member expect the industry's leading body to undertake. I do think there is a discussion to be had around APRA's opinion's on interest only investment loans though, and would be best to be had on a round table with the CPA present. Accountants have the strongest (most trusted) relationships with their clients than any other professional, and it's the clients accountants that are advising their clients to establish their investment home loans on an interest only basis whilst they still have non tax deductible home loan debt, which makes complete sense by the way.
  • Peter | 04 Sep 2015, 12:45 PM Agree 0
    It was obvious from his comments that Byers didn't have a clue about what Brokers do and how the system worked. It was patently obvious that he was stuck in the past and all his views were anecdotal and ill advised. That Siobhan had to 'educate' him is an indictment of him and his department. Surely he should have found out given that Brokers are now responsible for more that 50% of mortgages. Anyway well done Siobhan. It needed someone in her position to 'inform' the head of APRA what he should have known. The fact that she had to inform him is very disquieting. One wonders what ASIC knows?
  • Mikal Howard | 04 Sep 2015, 01:19 PM Agree 0
    Thank you Siobhan. Your constant commentary and willingness to stand up for our industry in a non-confrontational way is to be commended. We as Brokers are all too often bashed in the media by uneducated groups and your work to help change that is much appreciated. Keep up the great work.
  • Colette Garnaut | 04 Sep 2015, 03:05 PM Agree 0
    Thanks Siobhan. Loving your proactive management of the MFAA and representation of us as members. Keep up the great work
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