Leave brokers alone: Association calls for no new regs until 2016

by Mackenzie McCarty18 Mar 2013

The MFAA has urged the current federal government to exclude investment and private lending from proposed reforms to NCCP.

In a submission to Treasury this month, the MFAA stated that it opposed any further regulation of the finance industry until at least 2016, when the impact of the NCCP Act and the Enhancement Act could be fully assessed.

Responding to proposals made by Treasury, the submission suggested that the scope of transactions, which can be considered by an external dispute resolution scheme, should be limited to avoid abuse by people who aren’t really consumers as described in the reform package.

MFAA CEO, Phil Naylor, told Australian Broker there simply hasn’t been enough consideration by the government as to the effects of the proposed regulation.

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  • by NoTimeLikeTheFuture 18/03/2013 10:37:40 AM

    MFAA a waste of money eh?

    Personally I prefer to have the MFAA representing me to Government.

    Besides the banks nobody speaks better Canberran in our industry than MFAA. Nobody

  • by Broker 18/03/2013 10:37:52 AM

    Why bother, have Treasury ever listened to anything that the MFAA has rasied before?

  • by Lyn Turner 18/03/2013 4:14:07 PM

    Once again - too little, too late. Unfortunately, Minister Shorten's idea of consultation is to have everyone spend masses of time and money making submissions non-stop for 2 years - so they can say they have "consulted" with industry - but without any intention of listening to anything the industry says.