Financial literacy needs a makeover, association tells ASIC

by Julia Corderoy27 Oct 2015
Relying solely on broad-based financial literacy schemes is ineffective for consumers and brokers, the chief executive of the FBAA has told ASIC.

Peter White, CEO of the FBAA, has sat down with ASIC to discuss the need for personalised and measurable financial literacy programs.

“For effective financial literacy, the outcomes of learning need to be measurable. That then means it must be to the individual and not to groups as such. Tools on websites that are trying to educate a mass group, but have no means of showing that an individual has learnt anything do have their place for general information, but true financial literacy needs the outcomes measured for effectiveness,” he told Australian Broker.

According to White, two new streams of effective and measurable literacy systems are set to enter the marketplace for borrowers, which will also provide best practice for continuing broker education.

Whilst White told Australian Broker he could not reveal the specifics until they are ready to launch in a formal manner, he said the new programs will engage borrowers and brokers in an interactive online discussion forum – and most importantly, it will be tangible and measurable. 

White’s ongoing discussions with ASIC forms part of a continual meet-and-greet he is having with the regulators to highlight the needs of the broking sector. Other discussion points with ASIC include the evolving needs in motor dealership vehicle finance. 
The FBAA head has also met the Federal Shadow Financial Services Minister to talk through various lending and broker based issues and other matters relating to Lenders Mortgage Insurance.
The FBAA has also said that meetings are planned between White and the new Assistant Treasurer to highlight areas needing completing and/or improving under the NCCP.


  • by bottom line... 27/10/2015 9:36:04 AM

    And no doubt the things discussed were: How many more things we can make the broker do to earn the same income? What wouldn't be discussed is claw backs etc...

    No doubt my mechanic is now going to be forced to run education programs with me on how to disassemble my engine etc... We could start a forum chat daily on it.

  • by Broker 27/10/2015 11:00:22 AM

    Best the big 4 start running free info sessions at lunchtime then!

  • by Papery 27/10/2015 12:16:58 PM

    Oh goody... Maybe another Certificate or even a Diploma!