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An industry association that sprang to action after the royal commission final report has continued to step up its public campaign to protect the future of the mortgage broking industry.
Peter White, MD of the Finance Brokers Association of Australia (FBAA) has been meeting with senior MPs from all political parties as well as independents, lobbying on behalf of brokers and borrowers alike. Now, the association has announced the launch of a new online campaign called ‘Don’t Burn Borrowers.’
According to White, the aim is “to remind politicians and all stakeholders that this conversation is not solely about brokers or even the survival of the industry – it’s about borrowers and limiting choice, resulting in higher fees and higher interest rates, which will impact [everybody].”
The website details the effects that proposed industry changes would have on both borrowers and brokers, encouraging both groups to take action and sign the Change.org petition to preserve the viability of the mortgage broking industry.
White explained, “Our politicians have made significant changes to their position which we applaud but as we head into an election, brokers will continue to campaign on appropriate commission structures and a best interest duty that works for consumers and is targeted specifically for mortgage brokers.”
‘Don’t Burn Borrowers’ encourages concerned parties to do this through writing to their state and federal MPs and candidates ahead of the May election.
The FBAA welcomed the Morrison government’s support for leaving the current remuneration structure as is, but acknowledges that the shakeup is far from over.
“We want to maintain the momentum on these issues, so we launched this public social media campaign to call for everyone to work together so we can stop these misguided recommendations from burning borrowers and brokers and hurting the economy,” White explained.
The FBAA has committed to continued engagement with decision-makers in Canberra and elsewhere until the May election – and beyond.
