Campaign to save broking creating "real impact"

by Melanie Mingas11 Mar 2019

The head of an aggregation firm has urged brokers to keep the faith in the fight to save trail, after senior politicians pledged they were working to secure a “strong and vibrant future” for the industry.

Loan Market executive chairman Sam White, along with Loan Market Ellenbrook’s Brett and Tania Richardson, attended an industry gathering in Perth last week, during which Prime Minister Scott Morrison reassured attendees that he, Treasurer Josh Frydenberg and Attorney-general Christian Porter, were working to secure the future viability of the broker channel.

Following the event, White had a private meeting with the politicians.

“What’s become clear is that the work brokers have done, advocating and educating politicians, is working,” White said.

“We have been really heartened by how many politicians are listening to how we work and the value we provide. In particular we found that the Attorney-general to be aware of the current structure of our industry and the challenges that may be posed to it by Labor’s policy.

“The Prime Minister understands the crucial role brokers play in the communities,” he added.

During the event, Morrison acknowledged the competitive edge brokers have brought to the home loan market.

“These are community-based businesses, basically looking after their communities when dealing with the banks. Their clients are their neighbours,” he said.

“We’re going to keep working with you guys about how to get the right answer here, but know that the answer is going to be based on ensuring you have a strong and vibrant future in the industry,” he added.

White has urged brokers to continue the momentum that has gathered over the last month

“I encourage everyone to continue this great work educating their MPs and communities right up to the election - maintain the rage. When combined with the tireless efforts of both MFAA and FBAA, I continue to be confident in the viability and sustainability and our ability to continue to deliver great outcomes,” White said.