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FBAA managing director Peter White has provided an update on the association’s progress with policymakers.
White is still “regularly meeting” with senior members of the government and has found the contents of the discussions encouraging to the future of the industry.
“The government understands the important role of brokers and also knows that the worst scenario for Australia is to give more monopoly power to the big banks,” he said.
“I’m confident we will see policies that allow our industry to thrive and grow.”
White encouraged brokers to focus on the opportunity for growth presented by greater accountability and further transparency. “Smart brokers” will embrace the changes, including best interest duty, and harness the increased scrutiny to build greater trust with consumers.
Conversely, the worst thing brokers can do at the moment is allow themselves to be distracted by the “white noise” and negative commentary surrounding the sector.
“Finance brokers have been through a year where many misinformed commentators were against us, some lenders tried to exploit us for their own gain, and a royal commission didn’t get it right, yet we still command the trust and support of our clients, regulators and government,” White said.
“The reason is simple – brokers do a bloody good job and care for their clients in a way no bank can, and consumers know this.”
“My message to brokers is simple: keep acting in the customer’s best interest, be transparent, provide excellent service and ignore the inaccurate and self-serving commentary.
