A Tasmania-based broker has embarked on a campaign to boost financial literacy and strengthen the public’s perception of the broking industry amid ongoing scrutiny of the financial sector.
Director of Finance Brokers of Tasmania (FBT) Lance Cure spoke to The Adviser about his state-wide television campaign and plans to promote the broker proposition through information seminars.
“I’m endeavouring to increase our product information seminars that we offer directly to clients, which provide borrowers with information regarding investments and parental guarantee home loans, while also promoting ourselves as an information source to the general public,” Mr Cure said.
“Whatever it takes to provide better information for borrowers who are looking for a little bit of positivity and guidance following what’s come out of the [financial services] royal commission.”
The FBT director added: “I think the clients out there are looking for someone they can feel comfortable dealing with, someone they can trust.
“We’ve also embarked on a fairly comprehensive TV advertising campaign, and we’ve launched a new website, to try and get a little bit more out there in the community, and let people know what we’re doing.”
The industry has increasingly come out in defence of the misinformed and the misrepresentations that have been coming out of the royal commission.
Last month, leading mortgage broker Steve Milligan presented a whitepaper to Federal MP Andrew Hastie titled The Value of Finance Brokers and Positive Consumer Outcomes to “get the truth out there about why brokers are doing so well”. He has since exclusively shared his whitepaper with The Adviser for other brokers to use, should they so wish.
Likewise, the MFAA last week launched a defence of the broking industry, refuting allegations of poor consumer outcomes and bringing together a plethora of evidential “proof” that brokers are driving competition.
The MFAA data pulls together statistics from a range of sources, including MFAA data, findings from ASIC’s review of broker remuneration, figures from the Credit and Investments Ombudsman (CIO) and the Financial Ombudsman Service (FOS), as well as data included in some of the responses to the royal commission in a bid to argue “very strongly that poor consumer outcomes are not core to our industry”.
It is expected that more media campaigns to support the broker channel will be released imminently.
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