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• MPA Online

The FBAA saw its member numbers drop by just 3.5% in the last year, according to its recently re-elected national president, Peter White.

"Over the past 12 months we've witnessed a member attrition rate of only 3.5%, which at an uncertain time for the broking industry reflects the ongoing value the FBAA provides to its members," he said.

White's comments came on the back of the uncontested re-election of the FBAA board at its AGM held on Friday (20 November).

He said the re-election of the Board was a sign of support for the efforts and achievements of the national executive over the past 12-months.

"2009 has been a challenging yet rewarding year for the FBAA," White said. "The FBAA has achieved a great deal over the year and the fact that the Board remains unchanged validates its ongoing contribution and leadership.

Among these achievements, White cited the FBAA's active involvement with Treasury and ASIC in relation to regulation and licensing along with its continued leading role with shaping AML legislation as key highlights in 2009.

"Our focus in 2009 was very much on ensuring members are aware of their compliance obligations and providing them with the tools to meet these requirements. Beyond this, we've also actively represented the interests of brokers to ensure any legislation is workable and equitable."

In 2010, White said the Association will continue with its broker advocacy in shaping the pending industry regulation and will implement a number of initiatives, such as the soon to be launched cooperative.

Related stories:

FBAA to launch industry 'co-op' - The FBAA is set to launch a new 'co-operative' platform designed to bring onboard a "raft of financial services" for the benefit of members, but which will also be available to the broader market

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