Association Relevance – right of reply

The Finance Brokers Association of Australia (FBAA) has responded to the results of the poll undertaken by The Adviser whereby a large percentage of those whom took the poll said associations have lost their relevance.

Peter White, Chairman & National President and CEO of the FBAA said “albeit only very small percentage of people actually took the poll (approximately less than 1% of the total number of ACR and ACL holders in Australia), it was still important to listen and understand the concerns and feelings of our industry participants and not arrogantly dismiss them.”

Peter went on to say “I understand it s hard at times to see what an association and its people do and I have been criticised in the past for not saying enough – I’ve never been one to blow my own trumpet so find this difficult to regularly go on about all the things we do for our industry.

It’s for our industry and not just our members that we strive to make a better future for in the finance sector. Not everyone agrees with me and what i say and that’s fine as it would be a boring and useless world if we all simply agreed with each other, that’s what makes us – that ability to share and express our differences and view-points.

The FBAA has for the past 20 years has been unquestionably loyal to the industry and its brokers, our Board has always been made up of brokers, our motto has always been “run by brokers for brokers”, and at times have been likened to being a union for brokers albeit we aren’t. What we endeavour to do is to be true to our members and brokers nationally speaking out against what we don’t believe in and supporting that which we do. We always want to stand independent of the big banks so that the voice for brokers isn’t restricted or constrained for what our members and industry needs and or wants.

It is impossible for every individual broker to sit on say ASIC or Treasury’s Industry Stakeholders committees or to have one-on-one meetings with the heads of regulators and politicians, so to represent the industry as a whole. This is where associations in part come into play. Brokers have businesses to run, associations deal with their issues and represent them as appropriate for the best possible outcomes now and for the future.

We/FBAA sit along side of many senior politicians, ministers, and senators in the coalition as we decided some time ago (years) that a change in government would always come and if the current government was not interested in changing their views on our industry needs then it was in the best interest of our members and industry that we worked with those that understood us and our industry needs. The fruits of this isn’t far away ….. September is calling and if matters resolve in a change of government the FBAA is there at the highest level and has been working with these leaders for years.

One result of this where we had been working for a long time behind the scenes is the introduction of the disclosure statements for LMI. This was never provided in the past and the FBAA was the original sole voice pushing for having this bought in. The next steps are the other two mattes we have had in the table with senior ministers is the portability of LMI and appropriate refunds of LMI premiums when policies are cancelled. We continue to on this and hopefully with this an dot her matters we are working on behind the scenes that we cannot release at this stage will bear beneficial fruit for every loan writer in Australia.

“the voice of Finance Industry Professionals ensuring the highest standards of education, compliance, integrity and professionalism of its Member”

The future of our industry’s existence is extremely important especially in light of where regulation has come from and is going. The FBAA has been representing industry’s views and needs with government and regulators for a long time, with the NCCP Treasury Consulting Committee this month celebrated 5 years since our first meeting.

Additionally the FBAA seeks to bring various value added services and products to its members such as discounts for RTO training, the highest level of education on AML/CTF Training, and a host of services and products through our TFP co-operative which will have its formal launch in April of this year after being 4 years ion the making. This is an extremely exciting initiates ice bringing products and services to our members which will make them money, save them money, act as a CRM for their clients, and give them access to unique products you won’t get elsewhere.

So there are many things the FBAA does for its members as well as industry, some visible some not so. But we are here for brokers around Australia and we appreciate the results and feedback from polls such these, and we greatly appreciate our members support and those of the hundreds of new members joining us monthly.

For Further Information Please Contact:-

Peter J White
Chairman of the Board of Directors, National President & CEO
Finance Brokers Association of Australia Ltd (FBAA)
(07) 3847 8119
president@fbaa.com.au

FBAA National Office – First Floor, 386 Logan Road, Stones Corner QLD4120