FBAA calls for finance broker register theadviser.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadviser.com.au Daily Mail and Mail on Sunday newspapers.
Hayneâs âsermonsâ must be challenged: Tim Wilson MP
Jul 29, 2021 â 5.12pm
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The chairman of the House of Representatives economics committee has questioned the thinking underpinning elements of the Hayne royal commissionâs final report, using the competitive pressures created by a thriving mortgage broking industry as an example.
Representatives from the mortgage and finance broking sector were among those to appear before the committee on Thursday, with Lendi CEO David Hyman among the last to give evidence. Lendi operates an online home loan platform and has recently acquired the Aussie Home Loans mortgage broking business.
Tim Wilson says it is important to challenge ideas such as Commissioner Hayneâs and not blindly accept them.Â
ASIC levy reflects ramped up enforcement: FBAA
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ASIC’s raised industry funding levies reflect higher enforcement against brokers and could add to other increasing costs, the head of the Finance Brokers Association of Australia has said.
ASIC released its draft Cost Recovery Implementation Statement for the 2020-21 year on Friday (23 July), with expectations of what each finance sector will be charged to fund its regulation.
The levies, which are based on ASIC’s regulatory costs and business metrics, will be finalised in December and invoiced in January next year.
The regulator is forecast to recover $44.5 million in total levies from the deposit-taking and credit sector – contributing to a grand total of $337.5 million to be recovered across financial industries.
FBAA announces membership fee freeze theadviser.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadviser.com.au Daily Mail and Mail on Sunday newspapers.
FBAA flags home ownership scheme risks
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The association has warned brokers about the risks of home ownership measures that allow borrowers to buy a home with a 2 per cent deposit, particularly in light of BID.
The Finance Brokers Association of Australia (FBAA) noted that the 2021-22 federal budget has focused on home ownership with new incentives for single parents and first home buyers (FHB) to enter and re-enter the property market.
In the budget handed down on 11 May, the Treasury revealed that it would launch a new measure called the Family Home Guarantee to assist single parents purchase property.