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Yep just been informed by AFG all lo-doc loans must also include accountants letter to verify income. However Banks will not be required to do this until 1st Jan 2010. We also have two months into regulation a new set of requirements to an already pathetic mish mash of a fact find. We never...

Re license cost for Companies/sole traders - Don't you just love the fact that we are registering for a license they are still modifying and there are problems with the practicalities of the legislation !! What have the MFAA been doing for the last 12 odd months that this has come out. The...

To be honest I'd like to see them either comply or be struck off.

No - FINALLY the mfaa have raised this with ASIC and they are reviewing it. At least that maybe one of the holes in the 900 pages of legislation that is being looked at. The fact that there are so many problems with this and yet we have been forced to register I find offensive. As I will say...

I guess, lucky I don't have an exclusive agreement. However that means I have to get my own licence.

I have considered this and in fact today got a reminder notice asking me make a decision. My concerns are this....... are we then tied to sell Aggregator only products? What about BMM, Mortgage Ezy, AFS etc those that are not part of your aggregator? And then there is the issue of...

I've been with two major Aggregators in the past 12 months. Neither have a clue about Credit Regulation. All Choice was worried about were its obligations as a 'lender'. AFG are not much better, so I will go it alone. My issue is I don't think we should have to be members of the MFAA/FBAA. As...