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Jessica Darnbrough
The introduction of legislation has made the Mortgage and Finance Association of Australia more important than ever, Steve Kane has claimed.
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Mr Kane, who was yesterday announced as the latest president-elect of the MFAA, said the industry body played a vital role in the evolution of the third party distribution channel.
“The MFAA filled the quasi policeman role in the absence of any real regulation. While ASIC has now stepped into that role, the MFAA still remains relevant,” Mr Kane told The Adviser.
“The MFAA’s core constituency still need education and training. Moreover, the industry still needs a body that can successfully lobby both the government and the corporate regulator for certain things, such as changes to NCCP.
“NCCP won’t be the end of regulation, the legislation will continue to evolve. As such, the industry needs the MFAA to ensure the broking channel is well represented and looked after when changes to the regulation are proposed.”
