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MFAA and FBAA called on to merge

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Australian Broker | 01 Sep 2011, 08:00 AM Agree 0
The MFAA and FBAA have been called on to merge to present a united voice for the mortgage and finance broking industry
  • Broker | 01 Sep 2011, 10:02 AM Agree 0
    I’m not sure that one powerless voice would be any better than the two powerless voices that we currently have.
  • sidbroker | 01 Sep 2011, 10:19 AM Agree 0
    I can assure you that brokers want to have options as to what industry body we join.
  • Broker 2 | 01 Sep 2011, 10:41 AM Agree 0
    Does the MFAA still have banks on its board? Is that in the brokers interests? and while education is important I don't believe there enough substance to be a degree in pure mortgage broking. The FBAA seems to follow the legal requirements from ASIC which I am fine with. As I am sure ASIC spent some time working out what should be required for this industry from an education standpoint.

    Besides, I already hold a degree in business and diploma in financial planning. I'm not the only broker out there with these qualifications (or more)

  • WhistleBlower | 01 Sep 2011, 11:17 AM Agree 0

    Do you mean, have one voice THAT actually represents brokers and mortgage managers... perish the thought.

    Me thinks the faceless controlling interests wouldn't like that, you have to keep those pesky brokers and mortgage managers powerless, fighting amongst themselves and un-educated.... why ruin the model now? ... the banks will not be pleased AND you might derail their plans to kill 3rd party distribution all together, no no no, who are you people to challenge the status quo, you naughty boys.

  • positivebroker | 01 Sep 2011, 01:22 PM Agree 0
    The animonisity between these organisations will prevent any merger. It is also a bad reflection on the entire industry.
  • MikeH | 02 Sep 2011, 08:38 AM Agree 0
    Having been a member of a profession with two representative organisations for 45 years, I see no value in having only one in this industry. In any case, they represent two distinct vested interests; FBAA run by and for brokers, MFAA by and for the rest. As an FBAA member I would not be interested in being a member of a merged organisation; after all, when I joined FBAA I voted with my feet; nothing has changed.
  • Steve | 06 Sep 2011, 05:07 PM Agree 0
    John, MFAA have taken the path of further education etc in order to cash up the coffers. They have lost so much money over the past few years (or spent it on themselves) they have to find a way to bring in the cash. The education model, does that by way of "administration fees" they are receiving for every diploma course undertaken through their preferred panel of trainers. It is nothing but a revenue raiser! FBAA can't possibly agree to the same path or they would also be guilty. Let membership be voluntary and then see who looks after whom.
  • mortgageandlease | 07 Sep 2011, 10:23 AM Agree 0
    Agree with Steve, I really don't care much for the MFAA one bit, but I have to have membership because my aggregator forces me to take it up. Yes I understand CBA and other lenders enforce this as well, but MFAA really didn't help when commissions were cut and NCCP came into being. They say they do lots behind the scenes, but do they really?
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