Broker sackings leave FBAA laughing all the way to the bank

by Mackenzie McCarty26 Mar 2013
White says the FBAA has seen a ‘tremendous influx’ of membership applications as brokers break away from the MFAA.

“We’ve seen far more than [1,100] come over for a long period of time. I’ve seen some comments on blogs and so forth saying we’re an easy in - we’re not. We comply to the law that ASIC has set forth and around half have already done the diploma – they just don’t want to be told what they can and can’t do.”

He says many FBAA members who don’t do the diploma have different reasons.

“Many are accountants and so forth with a bachelor or master’s degrees – they think, ‘be damned if I’m going to do a diploma’ - and it’s not unreasonable. Others just haven’t finished it…I think it’s really, really wrong the way that [the MFAA] drums: ‘we’re better educated because we’ve got a five-day diploma’. I might as well go do a two-week course and become a brain surgeon.”

That said, White admits he fully supports the MFAA’s actions.

“They said they were going to do it. The market can’t complain about that. At the end of the day, they’ve done the right thing…and we’re looking forward to the influx of new members.”

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  • by Broker 26/03/2013 10:24:20 AM

    The MFAA must be loving this.

    Nice to see the chickens come home to roost!

  • by Rastafarian 26/03/2013 10:27:48 AM

    I agree, having done the Diploma which was mostly RPL based in a fortnight, that it really does not provide any new knowledge to brokers, who mostly would have known the vast majority of the content through experience.
    A few years ago there was a push to make Brokers 146 compliant, I certainly hope that is not the next step on the agenda,

  • by Michael 26/03/2013 10:28:29 AM

    I think that this is a case of not seeing the forest for the trees. Industry participants need to consider from an industry-wide perspective rather than an individual, myopic view.

    Take a step back and compare the narratives each industry body is trying to create: The MFAA with a diploma-level membership who undertake substantial continuing professional development; versus the FBAA who has no entry requirements and no ongoing CPD. In fact, the FBAA revel in the fact that they'll take any broker who can't be bothered with the higher standards enforced by the MFAA.

    Now lets fast-forward our thinking and consider how the future may play out for the two groups... Hmm, I know which one I'd be hitching myself to the coat-tails of...

    Oh, and a footnote regarding ongoing education: If you don't think you're going to learn anything from a diploma, then you probably wont.