Australian Government Announces reduction in broker compliance burden at FBAA conference
What I like about the FBAA is that they get results that benefit Mortgage and Finance Brokers, not just lenders.As an ex-Mortgage broker, I have been lobbying the Federal Government Ministers, including the Minister for Small Business [ The HON Brendan O'Connor, whom I consider a real asset to small business in Australia] about the burden that recent laws have placed on Mortgage brokers.
So I am happy to see that they are looking to relax the compliance requirements placed on brokers.
The FBAA Conference announcement
Speaking at the inaugural FBAA conference in Sydney yesterday, the leader of the deregulation task-force told attendees that the government was in the process of reducing the costs and time associated with regulation and compliance.Mr Sinodinos has worked in the finance industry says the government wants to hear broker feedback on the matter, so as to speed up the whole process and implement initiatives that are well received by the industry.
“Our job is to identify ways to reduce the cost burdens of regulation and compliance on businesses with a focus on small businesses,” he said.
“I recently spoke to a person in Brisbane and he said that, for mortgage brokers, one hour with a client results in six to seven hours of paperwork.
“I’m looking to reduce this time spent on paperwork. I think there is a way we can save brokers at least $1 billion in compliance and business costs. And, I think we can even go further than that.”
This has to be good news for Australian Mortgage Brokers. Great work from the FBAA!
