FBAA reveals best financial year on record

The Finance Brokers Association of Australia (FBAA) has announced its best financial result in history as well as a significant growth in membership over the 2020-21 financial year.

Peter White, managing director at FBAA, said the association recorded net assets of $1.8 million and net retained earnings of $769,000 over the financial year.

“This was achieved with no government COVID stimulus, no increase in membership fees for three years, no redundancies or removal of staff, and no reduction or terminations in any supplier contracts,” White said.

The association also experienced a net membership growth of 10.78% – most of whom are customer-facing brokers – as it passed the 9,400 count in October. This number is expected to rise as FBAA’s financial wins would enable them to provide more benefits for its members.

“We’ve always been a grass roots organisation run by brokers for brokers, and I believe that’s why everyone within the FBAA always works tirelessly for members,” White said. “We all know the challenges of the industry and are all directly affected by the highs and lows.”

The FBAA said that its success was in large part due to the exceptional service of its members. Board commendations went out to:

• Gus Gilkeson, former NSW president and past board member who has since retired from his positions
• Glenn Mitchell of Vow YBR Group, who represents the FBAA committee
• Nick Lane, FBAA finance manager who takes the association’s professional reporting abilities to a higher level
• Leah Renwick, long-serving FBAA staff member who prioritises member needs above all else
• Judith Hocking, FBAA staff member who has constantly provides a high level of service to the members of the association

In the same statement, the association announced the appointment of new fellow members, namely John Kolenda of Finsure Group, Gerald Foley of nMB, Renee Blethyn of CoreLogic, David Hannah of McMillan Shakespeare Group and Greg Rodgers, external legal counsel of the FBAA.