The Finance Brokers Association of Australia (FBAA) says there is no room for dodgy brokers in the industry body.
Chief executive officer Peter White revealed none of the eleven brokers that have been recently prosecuted by ASIC are current FBAA members and that the association has shown it is willing to act on unethical practices.
“In our view, this proves the importance of being a part of an industry association that sets a high standard and is willing to put the industry and the public first.
“It will become clear to many people that dealing with an FBAA member offers an elevated peace of mind that non-members cannot provide, and we’ll be doing all we can to promote this.”
Mr White said the message of the FBAA during 2014 will be the importance to brokers of promoting their membership and the security to the public when dealing with a member.
“There is no doubt that our industry has been tarnished in the past by publicity surrounding ASIC investigations, but we have been able to hold our head high and rise above this knowing that our members have been acting ethically and professionally.
“We expect nothing less.”