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New ASIC funding model a “tax” on brokers, MFAA warns

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Australian Broker | 14 Dec 2016, 08:00 AM Agree 0
The MFAA claims the proposed model could put brokers out of pocket or persuade them to hand in their licences
  • | 14 Dec 2016, 06:40 PM Agree 0
    “ASIC has long believed that those who generate the need for ASIC’s regulation should pay for it, rather than the Australian public,”
    Um, politicians generate the need for ASIC's regulation, not brokers. Regulation is a hindrance for our businesses, not something that we actually want. Maybe we should tax politicians instead.
  • In truth | 15 Dec 2016, 04:36 PM Agree 0
    This doesn't sound that unreasonable from ASIC.

    "We have a lobbyist panel that’s made up of a lot of aggregators.."

    WHOA.. now it's making sense.

    "The proposed changes could also lead to the consolidation of licensing with many individually-licensed brokers handing back their licences and joining broker groups instead. This would reduce industry competition, Grisbrook warned."

    * more likely they'd fragment to keep under the $100m. Just sayin'
  • Despairing of MFAA | 16 Dec 2016, 12:37 PM Agree 0
    The MFAA comments are mostly nonsense. Worse, they are inaccurate and misleading.

    I understand that ASIC stated at the recent roundtable the the the levy rates in the discussion paper will NOT be the final figures - they expect them to much LOWER. Also, the logic in the MFAA's argument makes no sense - why would licences consolidate, when it will cost more to be under a large licensee than to have your own licence.

    And why don't we hear from the new CEO? - we are still hearing from a lame duck MFAA Chair who has clearly lost the confidence of the industry.
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