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The FBAA says Kelly O’Dwyer’s appointment as the federal government’s new Minister for Revenue and Financial Services is a major plus for the third-party channel’s future.
FBAA spokesperson Peter White said Ms O’Dwyer’s appointment is an excellent outcome for its ongoing discussions with the government on broker-related issues, especially in light of ASIC finalising its report into remuneration structures.
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“Stability is the key word and Ms O’Dwyer has always been a terrific listener whenever the FBAA has canvassed crucial issues ranging from broking commissions to clawbacks,” he said.
“I look forward to again meeting with the minister who appreciates and understands the FBAA’s concerns following months of negotiations and meetings.”
Mr White has also urged Ms O’Dwyer to swiftly advise the result of the Treasury’s review into the funding of ASIC by the industry, and what the cost will be for brokers.
“Brokers stick to budgets and need to know just how much of the burden they individually will have to bear now that ACLs are set to help fund the corporate watchdog,” he said.
The FBAA also congratulated Michael McCormack on being named the government’s new Small Business Minister – taking over from Ms O’Dwyer – pointing out that brokers nationwide make up more than 23,000 small businesses.
[Related: FBAA to review broker commissions]
