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The Word: Industry bodies - Mar 2015

Staff reporter 2 minute read

This month we ask: should the MFAA and FBAA merge?

Keep them separate

“An interesting proposal and one that will no doubt cause some thought provoking discussion. There are many arguments for and against, and while some may say that a single voice representing the industry is the way things should be, I believe that as long as it is not compulsory for members to join both, I don’t see a problem with the current structure. It is not unusual for a profession to be represented by two bodies.”

Gary Strickland, First 4 Finance



Competition is healthy

“We work in a competitive industry and therefore I feel the need to have some healthy competition from our respective associations. Not only will this help keep the ongoing registration costs down, it also means they will have to provide a high level of service to attract quality credit advisers. Each association must continue to use new and innovative ways in order to remain ahead of the competition.”

Jess Phillips, Expect Results Property & Finance


No need for two

“Years ago, everyone looked upon the two entities as representing different sides of the industry. The FBAA was seen as an organisation by brokers, for brokers, while the MFAA was seen as an organisation primarily for lenders. This has definitely changed in the past few years with the MFAA embracing both sides of the business equally. Nowadays, I don’t think there needs to be two organisations to represent the industry.”

Warren Littlefair, Peard Finance


Choice is crucial
“No, we want options. Having this choice ensures that each association listens and constantly evolves to meet the needs of brokers – let them fight for our business. The key to the success of these associations is the perceived benefit we as brokers feel we get from the membership. I use my MFAA membership with pride to market my professionalism and give my clients and referrers comfort.”

John Stewart, U Choose Home Loans


Makes sense having both

“As a new broker starting out in the industry, I can only comment from my brief experience. To me, it makes sense having two industry bodies competing to create a better service for their members. It seems now more than ever we need our industry body, whether it be the FBAA or MFAA, looking after our interests and communicating critical information to us brokers such as legislation changes or industry and training developments.”

Shannon O’Neill, Clarity Financial Group

The Word: Industry bodies - Mar 2015
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