Peter White AM steps down from FBAA
Peter White AM announced his resignation from the Finance Brokers Association of Australia (FBAA), concluding more than two decades of service to the industry body. The long-serving FBAA will remain in the role until a successor is appointed.
Confirming his departure, White said his time at the FBAA had been an amazing journey.
“I’ve met countless lifelong friends, and I’ve had the privilege of being a part of the tremendous growth and impact of the FBAA,” he said. “Today our association is a leading voice for our sector, respected by those at the highest levels of government and industry, and sought by national media for commentary due to our credibility and expertise.”
White added that “change is not only good but necessary for any organisation” as it brings new ideas and fresh vision.
Calling the FBAA’s efforts to combat the “unfair recommendations” of the banking royal commission as one of the association’s greatest achievements, he thanked “the many who have served” on its national board, state teams, staff, and “the thousands of brokers across the nation who support the association”.
Meanwhile, FBAA chairman Brett Spencer commented that the decision was a “difficult one for all”, but said he believes the “time is right for him and the FBAA”.
“Peter has been a general for this association for over 20 years, and – like all retiring leaders – he will be missed by many,” he said.
RBA hikes cash rate for first time in over 2 years
The Reserve Bank of Australia (RBA) Monetary Policy Board lifted the cash rate target by 0.25 per cent in February, driven by sticky inflation and a surprisingly tight labour market.
This hike took the central bank’s cash rate target from 3.60 per cent to 3.85 per cent.
December’s trimmed mean inflation came in at 0.9 per cent for the quarter, while headline inflation hit 3.8 per cent for the year, above market expectations of 3.6 per cent. Meanwhile, unemployment edged down to 4.2 per cent in trend terms or 4.1 per cent seasonally adjusted.
This decision is the first rate hike since November 2023, when inflation sat at 4.9 per cent and unemployment at 3.9 per cent.
The RBA said inflation rose “materially” in the second half of 2025 and will likely stay above target for a while. Its board also left the door open for more hikes if needed, stressing it will do whatever’s required to keep inflation in check and support full employment.
“While part of the pick-up in inflation is assessed to reflect temporary factors, it is evident that private demand is growing more quickly than expected, capacity pressures are greater than previously assessed and labour market conditions are a little tight,” the RBA statement reads.
“The Board is focused on its mandate to deliver price stability and full employment and will do what it considers necessary to achieve that outcome.”
REA Group acquires Simplicity Loans & Advisory
REA Group, which owns Mortgage Choice, will acquire an initial 70 per cent stake in commercial finance brokerage Simplicity Loans & Advisory.
Simplicity, a Top 25 Brokerage led by Jean- Pierre Gortan and Matthew Johnson, provides tailored funding solutions to Australian businesses across sectors.
Under the deal, the brokerage will retain its brand, structure, and existing agreements with AFG and LMG. However, it will be majority-owned by the listed group and also write commercial deals referred to it by Mortgage Choice brokers.
The acquisition is subject to regulatory approval and is expected to close in about two months, with REA acquiring the remaining 30 per cent by the end of 2029.
Anthony Waldron, REA Group CEO of financial services and Mortgage Choice, said the acquisition would expand its offering and strengthen connections with Mortgage Choice brokers.
“Simplicity is a great business and has achieved impressive organic growth,” he said. “We see significant opportunities for integration and future growth by connecting Simplicity with Mortgage Choice and more broadly across the group.”
Gortan, who previously worked with Waldron at National Australia Bank (NAB), commented: “We’ve built our business by helping clients navigate complex transactions with confidence. Partnering with REA gives us the scale, reach and technology to accelerate nationally, and cement Simplicity as the most trusted commercial broker in Australia.”
Johnson added: “REA is the natural fit for us with many of our existing clients in the property and construction sector. We look forward to working closely with Anthony and the REA team to drive Simplicity’s future growth.”
ASIC reveals BID review’s next steps
The financial services regulator has shed fresh light on its ongoing information-gathering exercise probing best interests duty (BID) compliance.
At the Mortgage & Finance Association of Australia’s (MFAA) Looking Ahead event on 10 February, Nathan Bourne, ASIC’s senior executive for credit, banking, and general insurance, confirmed the regulator was analysing a large volume of broker data as part of its BID review.
The exercise marks ASIC’s first major assessment of BID compliance since 1 January 2021, with compulsory notices sent to about six national aggregators requesting broker files, commission arrangements, complaints, and supervision practices.
Bourne stressed the focus was on gathering evidence rather than uncovering widespread misconduct.
Explaining ASIC’s approach, Bourne said: “A data dictionary gives the baseline to say, well, when we are asking for this data point, what does that mean? We have a discussion with the entities to make sure that they are interpreting it the same way.”
Bourne highlighted that supervision programs should monitor patterns in recommendations, complaints, and payments to identify outliers.
He also revealed ASIC’s key focus areas included broker product recommendations, supervision systems, complaints handling, and remuneration structures.
“So the arguments for presenting certain recommendations, if it wasn’t the lowest cost option, what are the factors that support that?” he said.
