The Finance Brokers Association of Australia (FBAA) is encouraged by the progress made at a Government roundtable held last week to harness industry views on the NSW Office of Fair Trading draft exposure Bill to regulate the industry.
FBAA National President, Peter White, said the industry roundtable was a positive initiative as the draft exposure Bill will likely form the basis for any legislation adopted by the Federal Government.
“The roundtable gave the FBAA an opportunity to express a number of concerns over the current draft exposure Bill. As the only actively working broker present at the forum it was encouraging to have our views taken onboard,” Mr White said.
“The State Governments have an open mind with respect to addressing areas where we believe there are issues and this mindset can only benefit stakeholders.
“The State Governments are genuinely interested in developing the most workable regulatory solution for both the consumer and industry and we are encouraged they have expressed willingness to recommend concessions and adjustments to a number of areas of the draft exposure Bill where we see it can be improved.
“The industry roundtable was a positive step towards ensuring the Federal Government is presented with the best regulatory solution to be considered for adoption,” Mr White said.