White says the FBAA has seen a ‘tremendous influx’ of membership applications as brokers break away from the MFAA.
“We’ve seen far more than [1,100] come over for a long period of time. I’ve seen some comments on blogs and so forth saying we’re an easy in - we’re not. We comply to the law that ASIC has set forth and around half have already done the diploma – they just don’t want to be told what they can and can’t do.”
He says many FBAA members who don’t do the diploma have different reasons.
“Many are accountants and so forth with a bachelor or master’s degrees – they think, ‘be damned if I’m going to do a diploma’ - and it’s not unreasonable. Others just haven’t finished it…I think it’s really, really wrong the way that [the MFAA] drums: ‘we’re better educated because we’ve got a five-day diploma’. I might as well go do a two-week course and become a brain surgeon.”
That said, White admits he fully supports the MFAA’s actions.
“They said they were going to do it. The market can’t complain about that. At the end of the day, they’ve done the right thing…and we’re looking forward to the influx of new members.”