The Finance Brokers Association of Australia (FBAA) says a pledge from ASIC last week to enhance its technological platforms and slash red tape is “too little, too late” for many brokers and small businesses.

FBAA managing director Peter White AM said the “multi-year program of work” announced by ASIC was hugely frustrating for brokers, who say immediate improvements are what’s needed.

“Governments and regulators have been talking for decades about cutting red tape and yet we are still singing the same old song, but that’s no substitute for meaningful action,” he said.

“Brokers and small businesses often find it exceptionally difficult to navigate meeting their compliance requirements online because of poorly designed websites.

“The ASIC and ATO websites might make sense to regulators, but users find them confusing and impenetrable.

“We need better websites based on current technology and operating platforms, and far clearer and ‘plain English’ communication now, not years into the future.”

The ASIC statement says “a Simplification Consultative Group formed late last year with key leaders across business, industry and consumer groups (has) been focused on simplifying how we regulate.

“They still don’t seem to grasp the basic issues,” Mr White said.