The financial services regulator has released a consultation paper on its proposals to remake two instruments relating to mortgage offset accounts and factoring arrangements.
The class orders are due to expire on 1 October 2017, and while ASIC has said that these instruments are “operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework”, it has suggested a few minor changes to “ensure the relief applies in the intended way”.
For example, ASIC has proposed that the Mortgage offset accounts class order [CO 03/1048] be reinstated with the following amends:
Likewise, the regulator has suggested making the following tweaks to the class order Factoring arrangements: Licensing, hawking and disclosure relief [CO 04/239]:
ASIC has said that it is seeking feedback from mortgage brokers and “providers and users of debt factoring arrangements” on the proposals.
The deadline for submissions is 6 July 2017.
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