SUBSCRIBE TO OUR NEWSLETTER SIGN UP
‘Disclosure has limitations’, says FBAA

 

 

‘Disclosure has limitations’, says FBAA

Data to be collected, disclosure has limitations, FBAA, ASIC Data to be collected, disclosure has limitations, FBAA, ASIC
Annie Kane Comments 0
Shares 0

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.”

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

‘Disclosure has limitations’, says FBAA
TheAdviser logo
Shares 0
Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser magazine, Australia’s leading magazine for mortgage brokers. As well as writing news and features on the Australian mortgage market, financial regulation, fintechs and the wider lending market – Annie is also the host of the Elite Broker podcast and regulator contributor to the Mortgage Business Uncut podcast. 

Before joining The Adviser team at Momentum Media in 2016, Annie wrote for a range of business and consumer titles, including The Guardian (Australia), BBC Music Magazine, Elle (Australia), BBC Countryfile, BBC Homes & Antiques, and Resource magazine.

FROM THE WEB
more from the adviser
Heightened focus on expenses will ‘benefit the industry’

The current scrutiny on mortgagor expenses and affordability will...

Bank reports $6.2bn boost in settlements

A non-major lender has reported “above system” mortgage growt...

High debt and higher rates to trigger arrears rise: Moody’s

High levels of household debt and higher interest rates are putti...