Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

News Ltd's war on brokers continues

Notify me of new replies via email
Australian Broker | 27 Mar 2013, 08:00 AM Agree 0
Comments made in a News Ltd article yesterday landed yet another blow to the mortgage brokers - but the industry is fighting back
  • Ray C | 27 Mar 2013, 08:49 AM Agree 0
    The MFAA sets itself up 100% for such negative press by setting itself above the law. It is doing more damage to the industry then good.
  • Greg | 27 Mar 2013, 08:57 AM Agree 0
    Yes the MFAA in its ultimate wisdom does recognise one day courses that supposedly upgrade from a Cert IV to a Diploma but requires Finance, Commerce, Accounting Degree and Post Graduate Degree holders to qualify for the Diploma which is basically covered in one subject at University.

    The MFAA is a joke and obviously does not understand the Australian education system.
  • Doug | 27 Mar 2013, 08:59 AM Agree 0
    Its fairly typical of journalists these days ! Must be a slow news week so they decide to pull out the old chestnut of brokers just sending a client to the lender that pays the most commission! I would love the journalist to spend a day in my shoes to see how he would like to start at 6.30am with emails to clients analysing loans before making a 2 page presention on suitable options ( none relating to commission ) . I am sure the same journalist will be writing an article on the best diet tips next week.
    And they have the audacity to attack our industry for lack of education, oh the joy of just having to write an article on no particular topic without having to worry about the ramifications. Pity ASIC dont fine the journalists in the same way they want to attack brokers
  • Andrew Campbell | 27 Mar 2013, 08:59 AM Agree 0
    I watched the last article of this ilk published by News Ltd and elected to watch the outcome unfold rather than be involved. Though it now occurs to me that there was no outcome.

    On that occasion the MFAA - an organisation of which I am a member - was very sanguine in their reply and reaction.

    But here is (the brief version of) my observation with regard both incidences.

    It appears to me that it is MUCH more necessary - both for the benefit of your clients and in order to comply with regulation - to be informed and accurate before you put anything in writing. SO - its a good thing that journalism is not as regulated as mortgage broking or both writers could find themselves in some considerable trouble ...
  • Shane M | 27 Mar 2013, 09:07 AM Agree 0
    Do what I did and no longer buy News Limited Publications and stop advertising in their publications and cancel Foxtel. They are hurting my industry through sensationalism so I will fight back the only way I can and that is to deny them their income from my hard earned income.
  • Kevymac | 27 Mar 2013, 09:16 AM Agree 0
    I agree with Greg, the MFAA has been poundin their chest over their dismissal of brokers on the diploma issue. If they wanted to be legit about this, they would have exempted anyone with a university degree rather than a diploma cash grab.
  • DC | 27 Mar 2013, 09:27 AM Agree 0
    What peak body?? I will be changinmg to FBAA.I see MFAA as no value to me nor the industry. MFAA purports to be the saviour of our industry, but does more harm then good.
  • Mike Clarke | 27 Mar 2013, 09:37 AM Agree 0
    To all. Make sure you read Andrew Campbell's comments on this issue. He's spot on. The following (4) words apply:-

    "News Limited - Stop Reading"

    Similar to say listening to a shock jock on a radio staion that may or may not have the initials AJ. Dont do yourself a disservice.
  • Broker | 27 Mar 2013, 09:43 AM Agree 0
    Who cares, look at the overall standard and decline of News Limited journalistic standards over the years, this is just another reflection of where they’re at, not the Finance Broker Industry
  • Jim W | 27 Mar 2013, 10:45 AM Agree 0
    Agree with the general thrust of the comments made. Obviously the Media do need regulation in regards to truth in reporting. I also stopped buying the Australian many months ago.
    I was disappointed in the MFAA attitude in dropping the 1,000 plus brokers, they saw this as a success, whereas I saw this result as a failure on their behalf.
    What to do? ignore them and focus on the real business.
  • Andre | 27 Mar 2013, 10:53 AM Agree 0
    The MFAA drive to raise minimum standards will benefit everyone including clients, business partners and ourselves. I didn't mind doing the Diploma course even though I have multiple university qualifications, as I understand that we do need to implement a minimum standard below which you can't be a member of our profession.
    Don't stress the media - the majority are scumbags who would sell their grandmother for a story about Celebrity weight loss or shonky builders and has always been so. Focus on your clients and doing the right thing by them and you will have a successful business with lots of referrals.
  • iMac | 27 Mar 2013, 11:02 AM Agree 0
    Greg - You are coloring the picture incorrectly. In a degree of Agriculture I did many moons ago, we did about 120 hrs in lecture and lab, and four times that in 'prac' an four times that in assignments. Its pretty much the same ratio for Dip Fin Broking. So there is no significant lack to be addressed. And don't forget also, there is the same difference between a mortgage broker and a finance broker, as a cook and a chef. A cook does a small range of quality dishes repeatedly. A chef can turn out quality dishes from the entire culinary spectrum, repeatedly. There are lots of mortgage brokers, but not so many finance brokers. There is No degree course that can qualify you for that. A degree in Commerce + an MBA may come close.
  • Peter CBD | 27 Mar 2013, 11:41 AM Agree 0
    Why could not the MFAA clearly see what would happen in the media when it big noted itself in dumping all those brokers. The MFAA is responsible for any bad media flak. That was such a ridiculously silly move by MFAA to make such a big announcement vi the media and not expect some backlash. Sheeesh
  • NoTimeLikeTheFuture | 27 Mar 2013, 11:43 AM Agree 0
    News LIMITED is a disgrace.

    We are only learning this as they are commenting about our industry.

    The same applies politically. They are pushing a political line and everyone has been buying it.

    Shame on News LIMITED for writing it, shame on Australia for reading and believing it.
  • Peter Fast | 27 Mar 2013, 03:25 PM Agree 0
    For a moment let's consider what is said here is only half true. The only finger pointing should be at those who have the power to enable an inexperienced person to become a broker and that is not other individual brokers. I clearly recall a high profile organisation - no longer operating I might add - spruiking on daytime TV that housewives - or others - could become their representative and work from home. Easy!! There was no mention of experience being required. So where does this journalist get his "information"? It's sad that brokers have to defend their own profession when entry to the industry is not under their control. Guess who has that control??
  • OzBoy | 27 Mar 2013, 03:44 PM Agree 0
    If News Ltd doesn't understand the training and what they said is incorrect then sue them. Simple as that. Stop playing this out in the media get it into court and lets stop this constant attack from sources that are constantly derided by the MFAA.
  • Sylvia | 27 Mar 2013, 03:48 PM Agree 0
    I left the MFAA nearly two years ago. I hold a degree and post graduate qualification and I dont need to be told I need a diploma. They are a disgrace and should be shut down by ASIC and the Govt. They have no idea what they are doing or what a professional body does. Just ask them how they went up against the idea of regulating commercial lending in Govt. Seriously!!!!
  • Country Broker | 27 Mar 2013, 03:50 PM Agree 0
    Just back from a trip to melbourne , this article in some ways reflects what peter White the nation president of the FBAA said yesterday .

    Despite this News Limited is a disgrace and it journalistic standards are as low here as they are in the UK,

    The MFAA needs to use the Fairfax Publications to reply .

    I for one will not be buying any News Publications publications if I can help it , and I WILL NEVER ADVISE ANY ONE TO USE INFOCHOICE AT ALL EVER
  • The Observer | 27 Mar 2013, 04:53 PM Agree 0
    Ladies and Gentlemen is the focus not on tardy journalism here? If these journalists have found a problem, then what is their solution? Is it Infochoice? Rest assured that our clients want us and this is truly our only and best defence. At the very least, Phil Naylor is quick to support the brokers and if he doesn't who will? That said, MFAA should consider carefully their press announcements and their implications. Brokers have a choice between MFAA and FBAA.
  • Bruce Finch | 27 Mar 2013, 06:22 PM Agree 0
    Greg and Kevymac you both have it all wrong. The MFAA will let things settle down in regards to the Diploma course..... They will then offer Degree courses and make it mandatory! How else is the MFAA going to earn extra money? DO you think they're going to start working for Brokers instead?? Sigh.......
  • Positive Broker | 27 Mar 2013, 09:59 PM Agree 0
    I support MFAA & FBAA but they both need to be much more vocal in the press in countering these arguments. Believe it or not, Mr & Mrs Average believe what they read in the papers. I think a publicity campaign is warranted.
  • Aaron | 28 Mar 2013, 01:46 AM Agree 0
    It's funny how the mortgage industry is trying to get more people into mortgage broking, how are they going to get new blood with articles written by a so called journo that we are mortgage mugs. Im with the FBAA they do a great job no pressure if I want to do the diploma it's up to me FBAA aren't busting my chops and setting deadlines to for me I'm just as qualified as some one that holds a diploma.
Post a reply