AIPB rails against MFAA/FBAA "dominance"
By
Larry Schlesinger
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26/11/2009 9:00:00 AM
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4
comments
Alternative industry body, the Australian Institute of Professional Brokers (AIPB), has raised its head above the parapet again to complain of the unhealthy dominance of the MFAA and FBAA.
In an email to Broker news headed "AIPB is still here", CEO Maria Rigoni wrote: "I feel that the MFAA and the FBAA have an unhealthy 'self proclaimed' dominant representation of the finance broker industry."
She also took issue with agreements negotiated between lenders and aggregators, which, she said, did not provider brokers with any "negotiation opportunity".
Rigoni further claimed there was a "self interest mandate" preventing the AIPB from gaining accreditation with the main credit providers.
"Have you thought about asking the main credit providers why they have not accepted the AIPB as a finance broker representative body for accreditation purposes? ASIC accepts us as a finance broker industry representative body and we are working with them to have our code of conduct approved by them," she said.
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Latest Comments
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4
comment(s)
SteveL on
26 Nov 2009 12:04 PM
Hopefully the AIPB can become a force in our industry and compete against the Lender influenced MFAA and the non-existant FBAA. I fully support what the AIPB is doing and have joined as a member because I care about our Industry. I suggest you all do the same. There are some big plans in the pipe to wrest some control back to brokers. Unlike the MFAA / FBAA Mantra of Ignorance is bliss and war is peace, the AIPB clearly states strength in numbers and a common goal.....A fair playing field for brokers.
Erik on
27 Nov 2009 12:22 PM
Will we (=loan writers) ever be represented? I don''t think so.....the Banks won''t let it happen and neither will the Aggregators....THEY ALL WANT OUR MONEY AND FULL CONTROL OVER US,
Both the MFAA and FBAA are a scam and money milking institutions with no value whatsoever to the Loan Writers. I have been a finance Broker for 30 years and never have seen worse conditions and money grabbing then what has happened in the last 5 years. Aggregators employ more and more UN-PROFESSIONAL loan writers because it creates fast and easy money for them. Those UN-PROFESSIONALS give the Industry a bad name and should be removed but the MFAA and FBAA don''t do this because it would limit their revenue. The Industry is sick and that is all because the Banks have control and want the Industry to be sick so they can improve their direct market share their way.
BBB on
27 Nov 2009 01:16 PM
Will any loan writer or broker need to be a member of the MFAA or the FBAa udner their licences ?? It does not appear that it will be necessary.
If that is the case, can the aggregators and Lenders insist on a membership without being in breach of the restrictive trade privisions of the trade practices act?? I don''t know the answer , but it is worth asking the question!!!!
MJR From: The Mortgage Planning Institute of Aust on
27 Nov 2009 06:17 PM
BBB is correct.
Under an ACL, Mortgage Managers and Mortgage Brokers will NOT NEED TO BE MEMBERS OF ANY INDUSTRY BODY.
As long as an individual has P.I., and has an EDR scheme in place, it will answer to one single entity, commonly known as ASIC.
It is important in this whole debate to understand one simple rule... ASIC is the ONLY law making body, end of debate.