Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

MFAA responds to brokers’ bad press

Notify me of new replies via email
Australian Broker | 12 Jun 2018, 12:16 PM Agree 1
Message to government and members will highlight positive impact of brokers
  • Nick Young | 12 Jun 2018, 12:38 PM Agree 1
    Well done Mike!
  • KC | 12 Jun 2018, 12:48 PM Agree 1
    Great news for clients as brokers work for very small commissions hardly paying for there service!
  • Vic Country Broker | 12 Jun 2018, 01:17 PM Agree 0
    This a great effort from Mike Felton and his team . It makes certain outgoing CEO of a major bank look very silly in regards to some statement he made in The first week of the Banking Royal Commission hearings ! Maybe the CEO's of the banks need to look at these finding in detail and then figure our why their share of the third party loan channel is dropping. These finding actually make the big 4 look very foolish.

    Hopefully ASIC and the Royal commission can look at these results in detail it is needed

    I feel my MFAA subscription is value for money at the moment and we finally have a loud and effective voice when it is needed the most.
  • Aaron | 12 Jun 2018, 01:18 PM Agree 0
    well done MFAA
    BUT, this data and unequivocal proof that the good far outweighs the bad should have been part of our arsenal during the Royal Commission, used as a reference whilst Stephen Sedgwick was creating his biased report and it could have helped ASIC further appreciate where the lending landscape might have been if not for mortgage brokers in Australia. Every profession has an unsavoury element. The data supports that we have an industry that focuses on positive consumer outcomes. I don't want to hear anymore opinion pieces, show me the reports and clean data that we have not done an amazing job over the past 20 years.

    Don't use sensational cases to tarnish an industry that has worked tirelessly to provide a service we didn't know we needed 20 years ago. The irony is that as a result of the Royal Commission and "positive consumer outcomes", it should be considered negligent to just visit your own branch/bank. I'm proud to be a broker and tired of hearing all of the negativity. Mike and his team should be confronting every journalist, every critic, every politician that wishes to question our value and ask for the references that support their opinion.

    The first person that should receive this report is the Barefoot Investor. He is never too shy to spruik his opinion, how about some facts...
    • Regional Broker | 12 Jun 2018, 01:27 PM Agree 0
      Good article we need to remember that the Royal Commission can only work with the evidence it has , hopefully ASIC will get this data into the commission and if possible Mile Felton can give evidence if he is called.
      This report also needs to find it way into the Assistant Treasures hands via the lobbyists that the MFAA utilise, no doubt that will be happening.
  • Mark | 12 Jun 2018, 01:33 PM Agree 0
    At last, a well structured response, based on factual data, that can be presented to the RC in support of brokers. I am sick of the one sided biased information that has been reported as being investigated by the RC legal assistants. I was of the opinion that their job was to assist the RC in defining the facts of the matter, not just some speculative questioning based on presentations by clients who had failed with their business ventures. The fact that the RC assistants did not bother to research this data thoroughly and professionally makes me wonder whether the outcome of the RC was determined before it commenced sitting,

    It now falls to the MFAA to ensure that this factual information is presented to the RC and to as much of the mainstream press as possible.
  • Liz | 12 Jun 2018, 02:26 PM Agree 0
    Did everyone miss the first line? "In a letter to its members"
    Great facts - but this is a letter defending Brokers... to Brokers. MFAA needs to pony up and send the same message to the marketplace (outside of brokers). Not passively appear to be doing something. That will give some real value for money to MFAA members.
  • Ian Z | 12 Jun 2018, 07:53 PM Agree 0
    So they have been watching Peter White of the FBAA for two years, now come in at the end and make out they are industry advocates?
  • Prashant Nand | 13 Jun 2018, 09:19 AM Agree 0
    Nice one liz
  • Marcus | 13 Jun 2018, 09:44 AM Agree 0
    Thanks Mike, however you might be preaching mainly to the converted. This needs to be in the Public domain!!!
  • Mick | 24 Jul 2018, 06:13 PM Agree 0
    Its nice to hear something from the MFAA instead of always the FBAA, A great factual article which unfortunately will only ever been seen by brokers.
Post a reply