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Proposed PI changes will not apply to brokers

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Australian Broker | 25 Aug 2015, 08:00 AM Agree 0
ARNECC has confirmed to the MFAA that brokers will be exempt from the proposed changes to professional indemnity insurance cover
  • Concerned Member | 25 Aug 2015, 09:17 AM Agree 0
    So let me get this right, an issue that was only going to effect less than 1% of brokers if that, the MFAA engages a lobbyist with their members $ for a cause that was going no where as it was.....

    As a member I have to say I am surprised at the lack of concern on how my membership money is being spent, I really don't think a Lobbyist is something we need right now considering Ms Hayden's employment with the MFAA was taken on the point that SHE would be working with government bodies and lobbying on behalf of us the members.

    Personally I think our membership money is better spent on PD Days, Information Breakfasts / Lunches and Broker Development Lobbying a cause that has little or no effect to Industry is just a pure waste of members money!.

    Peter White was right in everything he said in his article, Maybe Ms Hayden should have listened to what he had to say on this one.
  • Steve McClure | 25 Aug 2015, 10:14 AM Agree 0
    Concerned Member, of course you have the right to question how your money is spent. However, in Feb 2015, Gadens Solicitors website published John Denovan's learned opinion that if proposed legislation was not changed, brokers may require PI of $20 Mill or be excluded from conducting VOI. He repeated this in Jun 2015 on an industry site.

    The MFAA couldn't ignore it and allow brokers to be burdened in that way. They were proactive.

    And, while doing that, they also continued to conduct PD days, one of which I attended just last week. Very well attended, with brokers praising the valuable content.
  • SouthBris Broker | 26 Aug 2015, 10:39 AM Agree 0
    Dear Concerned. If it is 1% or 80% of brokers that are impacted the Ass. should represent all of the brokers. Well done MFAA for at least checking and not leaving some brokers out in the cold like it was suggested by Peter White. Regulators are not to be trusted when it comes to our industry and without this action we would have no voice.
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