Payday Lender: 5 year ban from the Industry for unlicensed lender

Australian unlicensed payday Lender get 5 year ban from the Industry by ASIC

The Australian Securities and Investments Commission [ASIC] has handed a five-year ban to an unlicensed payday lender, saying unlicensed lending poses a risk to the public.

Banned payday lender named

Victorian payday lender Victor Manatakis has been banned by the regulator after an investigation uncovered that his business was conducting credit activities without an ACL.
Manatakis's business, Billpal, was the operator of payday lending business Cashpal.
ASIC found that between August and October of 2011, Billpal issued credit contracts despite the fact it held no licence.

Unlicensed lending could pose a risk to the Public

ASIC commissioner Peter Kell said the unlicensed lending could pose a risk to the public.
"People in the consumer credit industry need to be aware of the licensing requirements and the implications they will face if they fail to meet these requirements," Kell said.

Mortgage Broker: Paperwork and compliance relief announced at FBBA

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!