An Irish broking industry association has been welcomed as a new member of the International Mortgage Brokers Federation.
Finance Brokers Association of Australia (FBAA) managing director Peter White has announced that Irish industry association Brokers Ireland has joined the International Mortgage Brokers Federation (IMBF).
Drawing on his experience at The Adviser’s EU Study Tour, Mr White said Brokers Ireland understood the benefits of collaboration in an increasingly globalised market.
“The recent banking royal commission highlighted just how governments and regulators are looking at overseas models for guidance on how to tackle issues in Australia, so we must be ahead of the curve, learning about other markets so we can understand what is working and what isn’t,” Mr White said.
Mr White also revealed that representatives from the Netherlands were a part of the IMBF as an associate, which he said was appropriate given recent publicity around the “Netherlands model”.
“During the coverage of the royal commission, the Netherlands model was brought up in questions by the media, and some people in our industry had no idea what it was,” he added.
“This is unacceptable if we are to represent our industry to government.”
The FBAA noted that the IMBF was currently in the process of planning the world’s first international conference, with dates yet to be announced.
“The industry in Australia is better positioned than many other countries, but as we’ve seen recently, there is no room for complacency, as one major regulatory change can affect us all,” he said.
“Now more than ever before, it is vital for the industry to be innovative, and the FBAA is determined to be at the forefront, and we are proud to represent Australian brokers to the world.
“The IMBF works together and is reviewing best practice procedures to bring a global focus to the benefits of mortgage and finance brokers across the globe.”
The IMBF was formed last year by associations from Canada, USA, New Zealand, the UK and Australia – the latter of which is represented by the FBAA.
Mr White chairs the global board of governors.
[Related: Learnings from the EU Study Tour]