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The MFAA and ASIC have congratulated the third party distribution channel on the way it has handled the introduction of the National Consumer Credit Protection Act (NCCP).
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The NCCP Act came into effect on 1 January 2011 and while a majority of brokers admitted the legislation had “substantially” increased their workload, it seems they have now come to terms with and even embraced the new laws.
“ASIC have nothing but compliments about how brokers are embracing the new legislation and working with it,” Mr Naylor said.
“While there were a lot of scares in the early days, anyone who was doing the wrong thing under the legislation has either changed their ways, left the industry or been scrubbed out and those who remain are doing a fantastic job.
“In my discussions with ASIC, they believe brokers are really applying themselves well under the regime.”
