fbpx
Click here for the latest banking information on COVID-19

Update on mortgage industry progress on ASIC proposals

4 September 2017

Representatives from the mortgage industry are making strong progress developing the industry’s response to ASIC’s report on mortgage broker remuneration.

A spokesperson for the Combined Industry Forum1 said: “The forum is focused on prioritising the interests of consumers and we are pleased to have consumer representatives now participating in the forum.”

Six new working groups have been formed to focus on issues such as commission models, enhanced governance and greater transparency, and they are meeting regularly in a tight schedule to work through options for the industry response.

These working groups will report back to the forum on a monthly basis with the objective of providing an initial response to Treasury, ASIC and industry in November 2017.

The forum is documenting recent industry improvements to practice, assessing steps the industry can take now to immediately address some of ASIC’s proposals, and preparing policy solutions for the Federal Government to consider as part of its response to ASIC’s review.

A spokesperson for the forum said: “The forum welcomes this week’s acknowledgment by the Hon Kelly O’Dwyer that the mortgage industry is working to address the ASIC proposals and her agreement to take the forum’s process into account when finalising the Federal Government’s response to ASIC’s report.

“The forum will continue to work together with stakeholders over the next few months and looks forward to presenting proposed solutions to the Government in November.”

ENDS

Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913

1 The combined industry forum consists of representatives from bank and non-bank lenders, aggregators, brokers and consumer stakeholders, the Australian Bankers’ Association (ABA), the Mortgage and Finance Association of Australia (MFAA), the Finance Brokers Association of Australia (FBAA), the Customer Owned Banking Association (COBA) and the Australian Finance Industry Association (AFIA). 

Latest news

1 / 3
Op-Ed
Efficient and Responsible: Getting the Lending Balance Right
25 November 2020

Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.

Read more
Transcript
TRANSCRIPT: ABA CEO Anna Bligh on ABC Radio’s AM 18 November “a chance to get back on their feet”
18 November 2020

Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.

Read more
Media Releases
Majority of deferred loans back on track
17 November 2020

The number of deferred loans has fallen below 300,000 – a reduction of almost 70% since the peak earlier this year.

Read more