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Association head calls for ‘industry unity’

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Reporter 1 minute read

The broking industry should work together to minimise the impact of negative publicity and reinforce the benefits of broking, according to the head of FBAA.

The executive chairman of the Finance Brokers Association of Australia (FBAA), Peter White, has urged the industry to “change the conversation” surrounding the broking industry, claiming that the mainstream media’s coverage of the financial services royal commission has misinformed consumers. 

The FBAA head called for “industry unity” to foster customer support for the brokers. 

“This is the moment for industry unity, with associations working on one level and members on another,” the chairman said. 

“Banks have tried to divert the attention to brokers, but we can be proud of the service we offer, and with the right approach by brokers across Australia, we can rally our customers to stand beside the industry and advocate for us across their social circles.

“In the end, the voice of an ill-informed commentator means nothing if our customers keep using our services.”

Mr White added that brokers need to communicate with their clients to “clarify some of the misinformation in the media”, making particular reference to the conflation of mortgage brokers and referrers.

“Brokers should be regularly communicating with their customers through e-newsletters and social media, providing the sorts of tips, advice and information that people will never get from a bank,” Mr White said. 

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“Maybe even clarify with customers some of the misinformation in the media, like the difference between ‘referrers’ and professional brokers, which was so poorly misinterpreted by journalists who should know better.”

The executive chairman said he believes that industry professionals need to reinforce the benefits of broking through “words and actions”.

“Now is the time to change the conversation and focus on consumer outcomes, by reinforcing the benefits of brokers to our customers through words and actions,” the executive added.

“Nothing customers read or hear in the media will influence them away from their finance broker if they are entirely satisfied with the level of product and service they are receiving.”

[Related: In Focus: Reviewing the reviews — FBAA on the commission inquiries]

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