Kane still valid as president: MFAA

by AB05 Jun 2012

The MFAA has said Advantedge's new head of broker platforms Steve Kane is still valid as president of the association.

Yesterday, the former CEO of FAST Steve Kane was appointed as Advantedge head of broker platforms, filling a role vacated by Steve Weston who moved to the UK for a role with Barclays.

However, Kane also maintains his role as president of the MFAA board, after replacing Smartline's Joe Sirianni. The MFAA represents the interests of mortgage brokers and credit advisers.

MFAA CEO Phil Naylor said that Kane still is validly elected as MFAA president despite his new appointment at Advantedge, which is a role acting as a conduit between NAB and its three broker groups.

"Steve Kane was, and still is, validly elected as MFAA President," Naylor told Australian Broker Online.

"I’m certain, that if he feels there are any issues for him in carrying out this new role he will address them with the [MFAA] Board in due course," Naylor said.

While Kane was unavailable for comment this morning on the new role and its implications for the MFAA presidency, he stated at the time of his appointment it represented no conflict.

"The MFAA presidency role is independent of any role that I might play at FAST and or by FAST's ownership of NAB," Kane said at the time of his election.

"It was very important to me individually that was recognised otherwise I would not have taken on the role. While I am part of an organisation ultimately owned by NAB, that is not really a factor in this, nor would I seek to use that in any way shape or form in terms of the MFAA," he said.

Yesterday, NAB’s executive general manager of growth partnerships Antony Cahill said Kane was one of the most experienced and capable people in the industry.

"I am confident that he will take our platforms business to the next level in terms of strategy and future growth," he said.

In his previous role as CEO of FAST, Kane was responsible for the overall financial and operational performance of the aggregation business, which was later purchased by Challenger Financial Services and then NAB. Kane was appointed as CEO of FAST in August 2006.

NAB has said it will commence a search to replace Kane at FAST, and during this time David O’Toole, the national sales manager, will continue to act as CEO of FAST.

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Kane takes over as Advantedge broker head