FBAA warns brokers of testing 2016

The FBAA has urged brokers to stay focused this year and not get caught up in the hype of possible regulatory changes to the third-party channel.

With regulators continuing to probe and flag possible changes to the mortgage industry, FBAA chief executive Peter White said brokers should remain focused and not worry about issues they cannot control.

“Regulator and government chatter is not going away and some in the industry may feel nervous, but my advice is to relax,” he said.

“The FBAA monitors and makes representation with regulators and MPs at both state and federal level, so you can concentrate on your core business activities.”

However, Mr White said it was important that brokers had a voice and urged them to speak up if there are issues they want canvassed.

Mr White also urged brokers to continue educating borrowers about the loans being written for them and to avoid trying to enter new markets they might not fully understand.

“Core business strategies and market knowledge remains a fundamental part of the broking business,” he said.

“Expanding your business is, of course, important but brokers must realise the investment in time and money this takes. Moving into new markets without a real depth of knowledge can soak up a lot of resources while at the same time being a distraction to your core business.”

[Related: FBAA praises ‘important’ broker event]

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