The Finance Brokers Association of Australia
(FBAA) has congratulated Kelly O’Dwyer on her appointment as the new Minister for Revenue and Financial Services, saying it will majorly benefit ongoing discussions on broker-related matters.
Retained in Malcolm Turnbull’s cabinet despite losing the small business portfolio, O’Dwyer will now have an even bigger role in the shakeup of the financial services industry.
The FBAA’s Peter White says it is an excellent outcome especially with ASIC finalising its report into broking commissions.
“Stability is the key word and Ms O’Dwyer has always been a terrific listener whenever the FBAA has canvassed crucial issues ranging from broking commissions to clawbacks,” he said.
“I look forward to again meeting with the minister who appreciates and understands the FBAA’s concerns following months of negotiations and meetings.”
White has also urged the minister to swiftly advise the result of Treasury’s review into the funding of ASIC by industry, and what the cost will be to brokers who are Australian Credit Licence (ACL) holders.
“Brokers stick to budgets and need to know just how much of the burden they individually will have to bear now that ACLs are set to help fund the corporate watchdog.”
The FBAA also congratulated Michael McCormack on being named Small Business Minister, pointing out that finance brokers nationwide make up more than 23 thousand individual small businesses.