The Finance Brokers Association of Australia (FBAA) is reserving judgment on the appointment of ANZ chief Shayne Elliott as the new chair of the Australian Bankers Association (ABA).

FBAA executive director Peter White said it’s too early to say if Mr Elliott’s selection should be welcomed by brokers because of suggestions that he’s supportive of brokers.

“The jury is still out,” said Mr White. “I think he needs to be given a chance to show how he plans to deal with brokers and in which direction he intends to take the ABA.

“To suggest that brokers should relax just because Mr Elliott is in charge is premature.”

Mr White said it’s encouraging that Mr Elliott is on record as saying mortgage brokers are an important channel for borrowers, but there are some critical discussions that must be had between brokers and the ABA going forward.

“It’s clear that brokers provide a service that has become the preferred choice of borrowers with figures showing more than half of mortgage loans are written by brokers,” said Mr White.

“Even so, it’s unwise to take things for granted, so let’s wait and see what happens.”