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To operate efficiently in the Asset Finance Industry of Australia, it is very essential that a good understanding be built about the key stakeholders and their collaborations and influence on each other. There are several key stakeholders and they influence the market in numerous ways.
Australian Securities and Investment Commission (ASIC)
The Australian Securities and Investment Commission (ASIC) is the supreme governing body in the Asset Finance Industry in Australia. Understanding the influence of ASIC in the Asset Finance Industry is important along with all the regulations and bills being passed. Recently, ASIC announced the establishment of Australian Financial Complaints Authority (AFCA), which will commence operations by November 2018. ASIC ensures that other governing institutes and the different associations are all in check and the Asset Finance Industry is operating in a smooth and prosperous manner. Staying updated with all latest news of rules being enforced enables us to understand the Asset Finance Industry like no other.
Australian Prudential Regulation Authority (APRA)
All financial institutions operating in the Asset Finance Industry in Australia are governed by the Australian Prudential Regulation Authority. APRA is always working on new regulations and we stay updated to ensure that we are fully aware of the ever-changing Asset Finance Industry. Recently there has been much debate on the BIG 4 banks of Australia and how they are influencing the industry. APRA is keen to temper competition when it goes beyond limit. Competition may lead to instability in the Asset Finance Industry and APRA’s intervention becomes necessary.
Finance Brokers Association of Australia (FBAA)
This is an association of finance brokers that gives them voice. It protects the finance brokers and provides a platform to voice their concerns. There are several regulatory matters in the pipeline as stated by Mr. Peter White, Executive director of FBAA. Being attentive to press releases and announcements from the FBAA makes us stay well aware of the current standings of Finance Brokers in the industry.
Finance Brokers Association of Australia (FBAA)
This is an association of finance brokers that gives them voice. It protects the finance brokers and provides a platform to voice their concerns.
There are several regulatory matters in the pipeline as stated by Mr. Peter White, Executive director of FBAA. Being attentive to press releases and announcements from the FBAA makes us stay well aware of the current standings of Finance Brokers in the industry.
Australian Automotive Dealer Association (AADA)
The referral parties operating in the Asset Finance Industry have formed the AADA. This association provides a platform to voice their demands.
With the changing technology, several aspects of Automotive dealing are changing. If we do not stay closely linked with these technological and environmental changes, we are bound to be left behind. For instance, the “Green Push” for electric only cars in Australia by the year 2030 is a big news that will change the buying trends. However, elimination of tariffs, stamp duty and GST on electric cars help lower the prices and provides these referral parties a chance to maintain or even increase their profits in the Asset Finance Industry.
Insurance Council Australia (ICA)
The general Insurance industry is represented by the Insurance Council Australia (ICA). Insurance has become an integral part of the Asset Finance Industry over the course of past few decades. Having complete knowledge about the Insurance industry is essential to understand the referral parties’ business. We not only have a broad understanding of the Insurance industry, but also are keen to stay updated about the latest happenings in the industry.