Well there is only 7 days until the Mortgage Industry Regulation kicks in! All Mortgage Brokers will fall under the watchfull eyes of ASIC under the Australian credit license (NCCPA)! I for one welcome this legislation and think it has been long overdue. It will streamline the industry and raise our professional standing in the community!
The question I have is if we have to be licensed under ASIC then why do we need to be a member of the MFAA or the FBBA at a cost of $500 per year what do they really offer us as finance professionals that we do not get from our Aggrigator and other PD events? Financial Planners do not need to be a member of the FPA in order for them to conduct their daily tasks so why do we? Is it just to keep these guys in business or is it the banks who continue to dictate to the world their terms of engagement. The big four are certainly mandating we must be a member of the MFAA or the FBBA! Why aren't the aggrigators stepping in here and asking ASIC the question?
As I said I support legislation 100% it is a good thing for our industry but the MFAA well I don't get it!
ANy other thoughts out there?
Bring on the legislation and new generation mortgage brokers!
Have a great day!
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