NCCP a factor in industry improvement: ASIC

By Staff Reporter•Friday, 22 Mar 2013•4 minute read

Jessica Darnbrough & Vivienne Kelly

While many brokers still consider the National Consumer Credit Protection Act (NCCP) to be “onerous”, ASIC believes it has helped change the industry for the better.

Speaking to The Adviser, ASIC commissioner Peter Kell said the NCCP had definitely helped to ‘clean up the industry’ and helped to rid it of any bad apples.

You’re out of free articles for this month

Username or Email

Password Forgot password?

Keep me signed in on this device.

Looking for more benefits? Become a Premium Member.

First Name

Last Name

Mobile

Organisation Type

By becoming a member, I agree to receive information and promotional messages from The Adviser. I can opt out of these communications at any time. For more information, please visit our Privacy Statement.

Need help signing up? Visit the Help Centre.

“The legislation, and our ability to enforce it, is certainly helping to improve conditions in the industry,” he said.

“The GFC itself has had an impact, but combined with the legislation, we are seeing an industry that, according to some analysts, is one that contains less fraud.

“From ASIC’s perspective, we have and will continue to take a tough stance on fraud and other dishonest conduct. We have knocked back nine industry participants from obtaining their credit licence as we want to make sure that everyone who plays in this industry are up to scratch.”

JOIN THE DISCUSSION

You need to be a member to post comments. Become a member for free today!

Great Job ASIC Wednesday, 27 March 2013

The NCCP has cleaned up the industry and it will have taken out of the industry the few that couldn't be bothered with compliance, which is a good thing also. But now it is in, and the biggest complaint I read and feel myself is duplication, although technology is slowly catching up. I believe ASIC should go further and create a 'standard application/fact finding form' that all brokers have to use. ASIC should tackle the MFAA & FBAA's relevance. A good Aggregator supports me with ASIC legislation, assists me with CPD points, ongoing education and can help grow my business. ASIC should pass a ruling that Lender's cannot enforce these type of industry memberships. Some Aggregators/Mortgage Managers are now asking, not only for the MFAA/FBAA certificate, they are now also asking for the details of the CPD points. So what does the MFAA/FBAA actually do for my business, as a business partner?

0
Broker Friday, 22 March 2013

It hasn't helped the industry at all. Of course ASIC are going to say this, now when they a collecting hundreds of thousands of dollars for licencing fee's. Which was there a few years back. I have be a broker for over 10 years, and have seen that the industry has gone backwards. With less commissions, more unwanted regulation by MFAA trying to act and brown nose to ASIC, as they are a needed body in the world of Australian home loan brokers, when they are not. Both MFAA & ASIC are not needed, and are basically seen as money grabbers through regualtion, and have made life alot harder for the battling Aussie broker.

0

Read the latest issue of The Adviser magazine!

The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers

NCCP a factor in industry improvement: ASIC

JOIN THE DISCUSSION

Comments (2)

Latest Poll

Do you think that more people are needing specialist finance now than ever before?

OUR PLATFORMS AND BRANDS

EVENTS AND SUMMITS

PODCASTS

LEARNING AND EDUCATION

MOMENTUM MARKETS NETWORK

LINKS

STAY CONNECTED