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WA Finance Brokers Industry Consultation

SUBMISSION: Review of Maximum Remuneration Schedule (MRS) for Finance Brokers

by Maurie Unwin, General Manager

Hopefully you have received by now correspondence from DOCEP outlining the review of the MRS.
 
It would appear that our pleas and arguments with the minister did not totally fall on deaf ears. We made no bones about the fact that the setting of amounts and percentages of commission rates and payment schedules by governments is unwarranted. Market forces set these standards.
 
The FBAA will be lodging a submission and we believe that to add weight to the argument you should also take the time and lodge a submission.
 
Submissions must be lodged with DOCEP by 5.00 pm Friday 9th November 2007.
 
Governments listen to the loudest voices and on this matter we need all the help we can get.
 
We do not want to teach you to 'suck eggs', however to assist we enclose a draft of a submission not fully completed, however it should give you some insight as to how to go about doing one of your own.

You can download the draft submission in PDF format.
 
Be aware that in the references to NSW Finance Broker Legislation should not be taken as gospel. There are allowable clauses in relation to a variation to what was submitted and what is approved by the lender in regards to payment of fees and also where a client withdraws after unconditional approval.
 
I refer you to the member download section of the FBAA website and the NSW Finance Broker Contract.
 
Maurie Unwin
General Manager