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Minister for Finance visits FBAA
THE FEDERAL Minister for Finance Katy Gallagher visited the offices of the Finance Brokers Association of Australia (FBAA) in early August to discuss policy that impacts the industry. FBAA managing director Peter White said the meeting provided the platform to discuss policy that affects the industry and enabled Ms Gallagher to increase her understanding of the important work undertaken by finance and mortgage brokers. One of the topics of discussion would have been the association’s view on clawback policies, which Mr White has previously stated “should be eliminated where the broker is acting in the best interests of the borrower” or at worst “capped at 12 months”.
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LMG’s Best Interest Mates
AGGREGATOR LMG launched a new community to encourage male brokers to reflect on their mental health and wellbeing of their friends.
“Best Interest Mates” was launched at Loan Market’s international conference Scale-Up. The community was formed off the back of recent studies that revealed that 43 per cent of Australian men feel “lonely” and 16 per cent reported “high levels of loneliness”.
President of Best Interest Mates and director of Loan Market in Victoria, Leigh Tsoumerkas, said brokers were not immune to mental health pressures.
“Brokers transitioned from the stress of COVID-19 lockdowns and surge in low-interest rate transactions, into the pressure of the refinancing rush and counselling clients as interest rates rise again,” he said.
