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ISCOVER
Jessica Darnbrough
THE MFAA has warned brokers that more amendments could be made to their disclosure regulations prior to the 1 October start date.
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According to a statement by Gadens Lawyers, the MFAA has discussed with Treasury the recently released regulations dealing with credit guides, quotes and proposal disclosure documents and is currently seeking to change some of the legislative nuances.
Under the current regulation, licensees who provide credit assistance must specify which six lenders they do the most business with.
However, the MFAA has argued that highlighting the biggest six lenders may be uncompetitive, difficult and, in certain instances, misleading.
As such, Treasury is currently considering amending the regulations so that licensees have the option of specifying all panel lenders or the six with whom they write the most business.
These amendments are expected to be made at the upcoming Exco meetings – where regulations are approved.
