Riotto (pictured above left) brings to the organisation more than two decades of senior leadership and business development experience across aggregators, non-banks, and major banks, having worked at companies such as NAB, Loan Market Group, and NAB-owned Advantedge Financial Services. She was also heavily involved with the ASIC Broker Remuneration Review in 2016, and the industry’s response to the Financial Services Royal Commission.
“I’m looking forward to working with the team at the MFAA, and its members, to drive policy positions that acknowledge the work of brokers, the industry’s commitment to compliance and positive consumer outcomes,” Riotto said. “Joining the MFAA is a fantastic opportunity to contribute to the industry and influence continued positive change.”
Pannek (pictured above right) said Riotto’s appointment supports a broadened policy and advocacy remit at the MFAA.
“A relatively stable regulatory environment for the industry, the MFAA continues to expand its remit to advocate on a broad range of issues that are important to our members,” she said.
In the 2022–2023 financial year, the association proactively took part in a significant number of government and regulator consultations, resulting in the development of a record 24 submissions – the highest number of submissions in MFAA’s 40-year history.
“This includes advocating on social and economic policy that impacts our members and their clients,” she said. “For example, in January this year we made our inaugural Pre-Budget submission to the Federal Government detailing five key areas we believe are critical for investment including competition in the home lending sector, digital innovation and diversity and inclusion.”
Pannek said MFAA is always ready to defend the industry when needed, armed with a forward-thinking approach to policy and advocacy.
“We represent the entire industry – 97% of our members are mortgage and finance brokers, and we also represent lenders, aggregators, and other service providers to the industry,” she said. “So, we take a whole-of-industry approach to our advocacy to ensure the ecosystem works to benefit all our members and their clients.
“The MFAA is seen as the trusted voice among government and regulators, and we’ve been instrumental in shaping policy discussions, promoting industry best practices, and safeguarding the interests of all our members.”
A clear example of this, she said, was the significant advocacy and lobbying work MFAA did that led to the cancellation of the review in mortgage broker remuneration in March 2022.
“As changes are contemplated in the regulatory and policy environment in which our members operate – whether in relation to credit regulation or regulation that changes how our members operate their businesses – we are here ensuring that any change is fit for purpose and continues to promote choice and competition,” Pannek said.
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