Media Releases

FBAA shortlisted for awards

The Finance Brokers Association of Australia (FBAA) has been acknowledged for its proactive business model by being nominated in two separate categories for the Optus My Business Awards. Executive director Peter White is a finalist for the Business Leader of the Year award, while the FBAA itself has been shortlisted as a finalist in the category of Training & Education Provider of the Year. “It’s extremely gratifying, not necessarily for myself, but for our entire organisation to be recognised by these prestigious awards,” said Mr White. “We always strive to be the best we can be when it comes to setting high professional standards within the finance sector and I’d like to think that being nominated for these awards is proof that we are on the right track.” The Optus My Business Awards, which cover 28 categories, acknowledge best practice within a particular industry sector, as well as individual business leaders, excellence in customer service and achievements in innovation, corporate social responsibility and workplace culture. The winners will be announced at a black-tie awards dinner on Friday, November 10 at The Westin...

FBAA awards of supremacy

The 2017 Awards of Supremacy have been launched by the Finance Brokers Association of Australia (FBAA), and nominations close at the end of this month. The annual industry awards are open to all FBAA members and are designed to showcase their expertise and demonstrate the high standard of their work to their peers, competitors and clients. Finalists and winners will be announced at the 2017 FBAA gala dinner at Sea World Theme Park on the Gold Coast on November 24, adding to the excitement of the association’s annual conference, which will also play host to the industry’s biggest beach party! “The awards acknowledge professional individual finance brokers who are members of the FBAA, and who settle a quality number of transactions,” said FBAA executive director Peter White. He said the awards are not judged on large dollar transactions and the FBAA wants brokers of all backgrounds to apply so the focus is on quality not quantity. “Mentees, or brokers with less than two years’ experience, and mentors will be acknowledged on the night too,” added Mr White. “They are the key to the industry’s future.” The awards will also recognise industry business development managers who excel at supporting finance brokers, while there is a professional excellence award for exceptional service to the industry in any category as nominated by the FBAA board of directors. Nominations must be submitted by 5pm, Friday, September 29, 2017. For more information, please visit...

Brokers accuse UBS of reckless analysis

Global investment bank UBS is being reckless with its analysis of so-called ‘liar loans’ because it is based on implied presumptions, according to the Finance Brokers Association of Australia (FBAA). UBS claims mortgages loaned on incorrect information provided by borrowers amount to $500bn, but FBAA executive director Peter White said that’s based on their interpretation of their own research and he is calling on them to prove their data. “I want to see their data analysis,” said Mr White. “We need to see the questions they asked participants and we need to know how much and under what conditions they were paid. “UBS must prove there is no steering of answers or influences to produce outcomes which are not factual or fair or commercially sound.” Mr White also questions the validity of the data. “They’re not a lender in the home loan space, so there needs to be clear transparency of their supposed results. “This is not their data and not data from a bank/lender, so the question must be asked as to the accuracy and integrity of the research, which is fundamentally divorced of market broker and lender marketplace...

FBAA leading industry’s mental health awareness

The Finance Broker Association of Australia (FBAA) is taking the lead as mental health ambassador for the finance and mortgage broker industry starting with a professional development day focused solely on mental health issues. Corresponding with national ‘R U OK?’ day on September 14 , the FBAA is holding an event at the Melbourne Convention Centre which will be the first of a number of initiatives it’s planning for 2017 and 2018 and beyond to improve support for those facing mental health challenges. Figures show one in five people are living with a mental health disability and 45 per cent of Australians will experience a personal mental health disorder challenge in their lifetime. Partnering with key stakeholders in the mental health field, executive director Peter White wants the FBAA to pave the way forward and advocate for improved mental health support in the wider finance sector. “This is our first step as the mental health advocate for the industry and we believe it’s a vitally important issue that needs to be addressed,” Mr White said. “Mental health challenges in the broker sector are rising and we need to look after our industry family and make sure we can do everything we can to support them when times get tough.” The day will include a number of presentations from mental health experts that will discuss dealing with mental health challenges in the workplace and achieving a healthy work-life balance. The FBAA will launch multiple initiatives for the rest of the year including special guest editorials and articles in its Broker Magazine and dedicated mental health discussion panels at the upcoming...

FBAA applauds ACCC scrutiny on big bank interest rate movements

The Finance Brokers Association of Australia (FBAA) has welcomed news of increased scrutiny on the big banks and their behaviour when setting interest rates for mortgage products. The Australian Financial Review reported on Wednesday that the Australian Customer and Consumer Commission (ACCC) had issued compulsory information notices to the big banks to gather information on how they set interest rates on their residential mortgage products. The FBAA called for the review back in June and executive director Peter White is pleased that the ACCC has taken notice and decided to act. “We applaud the ACCC for eventually doing its job in this regard, as we realised months ago there was a real possibility of the big banks passing the cost of the new bank levy on to its customers,” Mr White said. Recent interest rate movement has seen some investor and interest only loans increase by as much as 66 basis points, some since the federal budget was handed down in May, but there has been little explanation as to why. “Some of these rate increases are extraordinary and the Australian public deserves to know what’s going on,” Mr White said. “The emphasis now is on the banks to justify their decisions to increase rates and maintain consumer trust in the bank...

ASIC review not about self-regulation

Reports that ASIC’s remuneration review is an opportunity for finance and mortgage brokers to self-regulate have been strongly criticised as being way off the mark by the Finance Brokers Association of Australia (FBAA). Executive director Peter White said the industry is regulated by ASIC, and as such, can never truly self-regulate. “For true self-regulation to exist, one needs to formulate the rules, write them and then police them without external influence,” he said. “In the case of ASIC’s REM review, the industry can have input and offer guidance on possible measures and outcomes, but the decision is made by the minister through Treasury and ASIC then polices those outcomes.” Mr White said industry bodies, such as the FBAA, provide some self-regulation, pointing out that the association has had internal dispute resolution processes available to members for well over ten years. He revealed the FBAA process has just been authorised by the ACCC as a formal disciplinary tribunal that has greater powers and reaches across all finance segments, to “ensure the right outcomes are achieved from any dispute against a member”. However, this tribunal doesn’t replace other dispute resolution processes, the ombudsman, courts, or ASIC’s powers, and “it certainly does not constitute true self-regulation”. “It is also important during this ASIC and Treasury REM consultation process that over eagerness doesn’t cause us to throw the baby out with the bath water.” As part of the association’s response to Report 516 (the REM Review) in relation to Proposal 1 (improving the standard commission model), the FBAA has taken a strong stance in not supporting any changes to commission structures that injure...

Justification needed for interest rate movements

Banks need to justify their decisions to increase interest rates, says the Finance Brokers Association of Australia (FBAA). Executive director Peter White says interest rate movement has seen some investor and interest only loans increase by as much as 66 basis points, some since the federal budget was handed down in May, but there has been little explanation as to why. “And it’s not just the big four that have done this,” said Mr White. “Most banks are doing it, but they haven’t justified their reasons for going this route. “Are they passing on the bank levy to consumers before it comes into play on July 1, trying to slow the market, or destroy small business borrowers by restricting interest only borrowings? “We also don’t know whether the Australian Competition and Consumer Commission (ACCC) has determined that these increases are okay.” Mr White said banks can be compelled to account to the ACCC on rate movements, so the questions are what is the ACCC doing about these movements and what is the government saying to lenders?...

New commercial brand manager

In a move that further enhances value offering to its members and the mortgage broker market, the Finance Brokers Association of Australia (FBAA) has appointed senior manager John Purvis to the new position of commercial brand manager. FBAA executive director Peter White said Mr Purvis, who will lead the marketing and promotional areas of the association, brings a wealth of experience to the role. Mr Purvis comes to the FBAA from a varied background which includes working in a marketing capacity with US sports management company Octagon. He was with the company, which worked with both the NBA and WNBA, for ten years. His other roles include promoting the 2000 Olympic torch relay, marketing with the Brisbane Lions and serving as regional marketing manager for Blackwoods. “My role with the FBAA is not to change things, but to manage and enhance what we have,” Mr Purvis explained. “All the platforms are here, so it’s a matter of putting in processes to support our structures. “While I don’t have a specific finance background, the principles of marketing crosses industries. My job is to make sure we have the right people in key positions who are knowledgeable about the mortgage broker industry. “Fortunately, we have a very good business development manager and other team members who I collaborate...
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