Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

‘Disclosure has limitations’, says FBAA

panel

panel
Reporter 1 minute read

The executive chairman of the Finance Brokers Association of Australia has questioned why ASIC wants more reporting in the broker space, urging that only necessary data be collected to reduce administrative burden.

The FBAA’s Peter White was speaking after the OECD ASIC Asia-Pacific Financial Consumer Protection seminar in Melbourne, where regulators and ombudsmen came together to frame financial consumer protection regulations in the face of fintech.

Mr White commented: “[D]isclosure is no longer the solution in financial markets; it has limitations. 

“We have to stay in front of the game if we want to help shape our industry’s future, and by understanding the conversations our regulators and ombudsmen are having, and those of other countries, we can look to frame our position from a more informed base and guide our future in these discussions."

‘Disclosure and comprehension are not synonymous’

Mr White tied this need for disclosure to the ASIC remuneration review. He said: “ASIC acknowledges that collecting unnecessary data slows business down and they shouldn't be collecting data they don't need or can’t use.

“So why does ASIC want more reporting within the broker and aggregator space? They need to specify to what level and in which areas, and we emphasised that in our submission to the ASIC remuneration review.

“As I have been saying for many years, disclosure and comprehension are not synonymous.”

Advertisement
Advertisement

PROMOTED FEATURES


[Related: ASIC: Change standard commissions and move away from bonuses]

‘Disclosure has limitations’, says FBAA
panel
TheAdviser logo
panel

 

more from the adviser
fight boxing gloves FBAA says ‘clawback fight’ is not over

While the regulations for clawback arrangements have now been set...

digital home ta Connective adds digital mortgage lender to panel

The aggregation group has welcomed neobank 86 400 to its lender ...

team expansion ta Personal lender joins AFG panel

A marketplace lender has joined AFG’s panel of specialist finan...

FROM THE WEB