The ACCC has released a draft determination proposing to re-authorise the Finance Brokers Association of Australia Limited (FBAA) to enable it to continue to implement its disciplinary scheme (consisting of its Disciplinary Rules and certain clauses in its Constitution) (the Conduct) for a further 5 years. This conduct has been previously authorised since 2017 and is substantially unchanged in the current application.
The ACCC considers that the Conduct is likely to result in public benefits by allowing for more effective and transparent regulation of the conduct of FBAA members and creating a higher standard of conduct and compliance for members than that which exists under current legislation. The ACCC considers that the Conduct is unlikely to result in a public detriment because of the voluntary nature of obtaining FBAA membership, the presence of alternative industry associations, and the availability of an independent review process administered by the FBAA Tribunal.
The ACCC invites submissions in relation to this draft determination by 14 January 2022 before it makes its final decision.
Further information about the ACCC’s draft determination is available on the ACCC public register at: Finance Brokers Association of Australia Limited.