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FBAA determined to carry torch for broking industry

by Reporter4 minute read
FBAA determined to carry torch for broking industry

The head of the industry association has reassured brokers that public perception of the sector is still positive despite the negative attention it has received from recent inquiries.

Executive director of the Finance Brokers Association of Australia (FBAA) Peter White has highlighted the advocacy work the association has done on behalf of brokers.

Over the past month, Mr White has appeared before the Productivity Commission and met with Treasurer Scott Morrison, Minister for Revenue and Financial Services Kelly O’Dwyer, Small Business Minister Craig Laundy and representatives from the Australian Securities and Investments Commission (ASIC).

“The job in advancing the industry is never done though, and our association is working hard in all areas, including representation at the Productivity Commission, [the] Combined Industry Forum and [the] Banking Royal Commission,” Mr White said.

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“We have 14 current open regulatory matters being worked on, and our engagement with regulators and politicians is second to none.”

Mr White also noted that despite the misconduct of some brokers being brought to light, he believes that publicity relating to the industry remains largely positive.

“The FBAA is very proactive in the mainstream and finance media space, across TV, radio, print and [digital],” the executive director added.

“Almost all stories I am involved with are positive and informative, but I will also always defend the industry when needed, and will do so throughout the royal commission.”

The director pointed to comments a broker made to The Adviser, claiming that the industry’s increased market share is proof that the community’s perception of the sector is positive.

“It’s human nature to be sensitive to negative pieces written about the industry you are involved in, but when you look at the evidence, our industry is well regarded to the point that now around 56 per cent of mortgages come via this channel.

“If the public perception was negative, this would not be the case.”

[Related: ‘Clawbacks need to go’: FBAA tells PC]

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