MFAA forms association alliance to rally Treasury on behalf of brokers

by Julia Corderoy20 Mar 2015
The MFAA has partnered with three other leading associations to represent the industry as Treasury review key aspects of the SMSF sector.

For its submission on SMSF lending, the MFAA has sought support from the Financial Planning Association of Australia (FPA), the Association of Financial Advisers (AFA) and from the Commercial Asset Finance Brokers Association (CAFBA). 

The MFAA says a joint response that engages with these industry bodies should significantly raise the impact of the submission.

"Where possible, it is important to provide the Government with a comprehensive submission from the broader industry, rather than multiple small submissions that the government then needs to decipher," said Siobhan Hayden CEO of the MFAA. 

"The shared voice is critical to demonstrating industry unity and support for key initiatives currently under review."

The MFAA will also make a submission to the government on three key FSI recommendations which impact upon members: 
  • a prohibition on direct borrowing by SMSFs for limited recourse borrowing arrangements (LRBAs);
  • protecting small business borrowers; and
  • enhanced competition in the lending sector.
All brokers, including non-MFAA members, are invited to respond to any part of the MFAA's draft submissions by COB Monday 23 March. 

“This is an important initiative to ensure that the industry has input to this joint submission so we are opening it up to input from the broader industry community. MFAA has supported all brokers in this issue and so give us your feedback even if you are not part of the association,” Hayden said.

Click here for the joint industry submission and here for the MFAA submission and email info@mfaa.com.au with your comments.
 

COMMENTS

  • by Tom 20/03/2015 9:41:37 AM

    I think that all these bodies should be amalgamated permanently into one industry body not just for this one event. This would give all members a real voice to be heard. It would also create a significantly powerful lobby group.

  • by Vic Regional Broker 20/03/2015 10:11:45 AM

    This seems to put all these bodies in direct opposition to the FBAA'S very quick stance on the SMSF Lending issue. Seems cooler, well reasoned heads are prevailing here. One reason why I am an MFAA member and not an FBAA member.

    I also cannot agree with Tom's comment, MFAA need to be a separate body representing all Mortgage and Finance brokers, our interest differ from a Financial Adviser.

  • by Vic Regional Broker 20/03/2015 10:14:04 AM

    This seems to put all these bodies in direct opposition to the FBAA'S very quick stance on the SMSF Lending issue . Seems cooler , well reasoned heads are prevailing here. One reason why I am an MFAA member and not an FBAA member.

    I also cannot agree with Tom's comment , MFAA need to be a separate body representing all Mortgage and Finance brokers < we could see the Commercial Asset Finance brokers association merge with the MFAA but our interest differ from a Financial Adviser in so many ways.