Ongoing education and upskilling programs for brokers are having a beneficial effect in the marketplace according to the head of the Finance Brokers Association of Australia (FBAA).
The 2014-15 figures from the Credit and Investments Ombudsmen (CIO) showed only 6.1 per cent of all CIO complaints were related to finance brokers, down from 6.9 per cent in the corresponding year.
FBAA Chief Executive Officer Peter White was not surprised at the drop saying it shows the positive impact that ongoing education and tailored financial literacy schemes are having on the quality of broking.
“The overall figures showed there were nearly 22,000 enquiries received by the CIO with a mere 264 complaints registered against brokers. That is a low percentage but it still does not mean we can’t improve, particularly in our servicing of the customer.”
Mr White points to the FBAA’s choice of measurable online workshops and face-to-face education as playing an integral role resulting in a solid standard of broking with Consumer and Financial Literacy schemes at the core of sustaining relationships between broker and client.
“The better we educate ourselves, the better we can explain to the customer what we are all about and why we have recommended a particular loan which most suits their needs.”
Mr White also pointed to the introduction of the National Credit Act and programs designed to improve responsible lending practices as helping build trust between the broker and customer.