TALKBACK -- Industry comment on www.theadviser.com.au

Everyone has an opinion, and some people feel compelled to speak out. Here are just a few comments prompted by daily news broken on www.theadviser.com.au over the last month

ON WESTPAC’S DECISION TO FOLLOW ANZ AND ADJUST INTEREST RATES INDEPENDENTLY OF THE RBA

LONGER TERM this will negate any efforts by political parties or a somewhat independent RBA to act effectively in generating growth or dampening inflation. Do these organisations have the ability to steer Australia through good times and bad? More importantly can they do it impartially for the benefit of the nation? Highly unlikely. The solution? Not sure but I didn’t vote for any bank chief executives last election. Effectively supplanting the powers of the RBA is dangerous.
KC

 ON THIRD LINE FORCING NOT DRIVEN BY MFAA: NAYLOR

THE MFAA has represented us brokers well. The outcome of NCCP could have been far more onerous on our businesses. The MFFA does not have to win every battle. You might be surprised to learn that outcomes are mostly a compromise of positions, the outcome again is not bad (and for me and my business a positive). Membership is not just about individual brokers, membership is about the industry, and the industry is made up of mature members that require limited assistance as well as new to industry members that require greater levels of ongoing support and training.
Diomedes

I DON’T believe the ACCC or any government department would be given enough funding to police the industry – they would need help. The MFAA is not afraid to flick brokers/take action and nor should they. We all benefit by way of MFAA or FBAA membership. Let’s not forget it is the customers who are important to all of us, so I don’t understand all the reticence in belonging to a strong association. I am happy to pay my money to the MFAA to ensure a level and honest playing field. You can always put your name forward at election times for a board position or committee position so you can have input. The public are very aware of association memberships and find a degree of comfort dealing with an association member.
Jeff Purcell

I’VE BEEN a member [of the MFAA] for many years, paying memberships fees for my business and our staff. I would have spent well over $5,000 to be a member over the years and yet they still want to charge me a fee to watch a marketing webinar. Industry bodies are appropriate for those who wish to be involved – customers couldn’t care less about the MFAA as they don’t know who or what it is.
WA Broker

ON MORTGAGE INDUSTRY SET FOR CONSOLIDATION

THE SIZE of the brokerage doesn’t influence the quality of submissions in my opinion. In other industries small businesses might consolidate to increase buying power, but that’s not that relevant in our industry. There are definitely benefits in acquiring new businesses as a growth strategy, but at this stage I can’t see why an individual broker needs to join a bigger firm just to survive...
Mitch