Immediately after his bittersweet dual announcements at the MFAA opening address, Australian Broker was able to grab an exclusive interview with Phil Naylor.
Video transcript below:
Reporter: Immediately after his bitter sweet dual announcements at the MFAA opening address, Australian Broker was able to grab an exclusive interview with Phil Naylor. On the news of his retirement, we asked Naylor how it felt to be stepping down when the industry was clearly doing so well.
Phil Naylor: This is not a decision I made in 5 minutes. I have been thinking about it for a while and I have just seen the industry grow so much and we have met a lot of challenges and we’ve achieved a lot of things that we wanted to and I suppose, you know I used to play rugby when I was young, one guy and I knew the worst thing you are going to ever do is play one season too long. So I applied that to this decision as well. I’d rather go out on a winning note and there are lots of things for my successor to achieve and I’d certainly watch with interest because I can see this sector just getting better and better and stronger because we are doing everything right. The consumer is, I don’t want to be naughty with that, but the consumer still love what brokers or mortgage accredited advisors are doing. So you know I think that we are on the right track and we just have to build on that and there will be issues that will come up, but I am pleased or very proud that we’ve got from a long way down to the way on up.
Reporter: When asked of what he was most proud, Naylor said there were two big achievements during his tenure at the helm.
Phil Naylor: We’ve got the rogue mortgage broker off the front page of the news, not only because we have worked with the media to get them to understand how the industry works, but we’ve cleaned up the industry significantly by ourselves, but also with the help of the regulators and you know we are seeing a lot more good news stories about what’s going on in the broking sector than you know the bad news. So I think that’s one achievement we’ve had over the time.
I mean, the other achievement was to get the sort of regulation framework that we wanted that wasn’t over the top and I think we largely got that with NCCP though I did say in my presentation yeah I think we’ve got be careful that doesn’t develop over the top and that will be something that MFAA could watch to make sure it’s a user friendly regulation. So yeah, I think they are probably the two key things that have occurred and I have had lots of other benefits, as you know Peter Kell suggested it’s brought about consumer confidence in this sector.
Reporter: With regards to his announcement of brokers reaching 50% market share, Naylor truly believes that brokers should be thinking positive.
Phil Naylor: We are moving into new territory so no one knows exactly where we will finish up. But I think there is no reason to suggest we can’t keep increasing market share as we’ve done. You know, I don’t there is a natural ceiling that says you can never go beyond a certain level. It comes down to consumers. If consumers want to deal with brokers they will and if that becomes 60% - 70% so be it. I mean that’s what the consumer will decide.