• The place to find the right expertise and make better decisions
  • Find the right expertise

Blog

FBAA watching new ABA appointment

Finance Brokers Association of Australia (FBAA) | October 24, 2017

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.”

About Me

Finance Brokers Association of Australia (FBAA)

Finance Broker
FBAA
www.fbaa.com.au
Woolloongabba, Queensland
07 38478119
The Finance Brokers Association of Australia (FBAA) is a national association representing finance and mortgage loan writers throughout Australia. It was formed in the belief that the establishment of measurable standards of proper professional practice in sourcing domestic and commercial funding was in the best interests of its customers/consumers and vital to the integrity and future wellbeing of the finance/mortgage broking industry. In the interests of members and their clients, the FBAA performs the following functions:
▪ Monitors legislation: and makes representations to Ministers and Members of Parliament both state and federal as appropriate.
▪ Code of Practice: adopted by industry professionals who offer domestic finance, commercial finance, lease and motor vehicle finance, business and debtor finance, as finance/mortgage brokers.
▪ Associated with training organisations: to provide programs to the industry and keep members up-to-date with changes to government legislation and regulations.
▪ Complaints and disciplinary procedures: designed to eliminate unacceptable working practices amongst its members, by providing an Internal Disputes Resolution Process (designed to meet Australian Standards). It also is a safeguard to both its Members and their clients/consumers against restrictive practices within the industry.