Mortgage brokers get FSRA exemption

The Australian Securities and Investments Commission has granted mortgage brokers an exemption from licensing under the Financial Services Reform Act. As mortgage brokers advise about deposit or offset accounts as part of loan packages, they could have been required to obtain licences under the Act. The Credit Union Services Corporation was critical of the exemption saying it was a “ridiculous outcome” and exposed the weakness of the FSRA licensing regimen. Spokeswoman Louise Petschler said the exemption underlines the problems created by the artificial division between credit and other financial products.