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The FBAA is giving its motor finance brokers support to meet the various NCCP requirements, launching the sub-brand 'MyFNI'.
According to FBAA chief executive Peter White, there are many motor brokers and FNI/business managers that are still not complaint to the NCCP.
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As such, the industry body launched MyFNI, which is supported by Treasury and ASIC in conjunction with the FBAA's national stakeholder committee consisting of FOS as ombudsman, RTOs Intellitrain and AAMC, Deloitte Digital for AML/CTF Compliance, Deloitte Private, AFC (Australian Finance Conference), MTA WA, Dealer Principles, Motor Finance Brokers, Insurers, Car Manufacturer Finance Arms and direct lenders to the motor finance sector.
"The FBAA has been working on this project for some six months and has engaged many key stakeholders to bring this to the market," Mr White said.
"Earlier this year I met with Treasury and ASIC to advise them of our plans to set up a focused stakeholder group to ensure that Motor Finance Professionals were aware of their obligations under the NCCP.
"Our research discovered that the large majority of motor finance writers (Business/FNI Managers, Motor Finance Brokers etc) were not and still aren't meeting their full obligations under the NCCP, and with no association looking after their interests the FBAA undertook with the blessing of Treasury and ASIC to educate and train this sector on their compliance obligations."
Mr White said the FBAA and MyFNI would roll out a national compliance roadshow in January 2012.
"All states and territories are covered and it has been verbally agreed by ASIC for the FBAA to educate this sector as to its obligations before ASIC starts shortly starts it's auditing in this field.
"The FBAA aims to ensure that motor finance professionals meet their full obligations under the Act whether they are dealership business managers/ FNI managers, motor brokers or the like. Responsibilities extend beyond the broker and FNI manger as the impact of non-compliance reaches the dealer principles and lenders and locum service providers – and also the insurers."
