A recently formed broker federation, containing members from Australia, Canada, the UK and the US, has elected a well-known Australian industry figure as the inaugural chair of its board of governors.
Peter White, MD of the Finance Brokers Association of Australia (FBAA), has been selected as chairman by the International Mortgage Brokers Federation (IMBF).
White played a significant role in creating the IMBF, which was launched in Canada late last year.
He said, “I am honoured to be elected to this position with the IMBF which uniquely leads the broking industry in global cooperation and collaboration. At no time in our industry’s history has this been done.”
Over his 16 years with the FBAA, White has served as national VP, national president, chairman of the board of directors, and CEO. He will continue to act in his current role of managing director.
White said, “The purpose of the IMBF is to lead industry associations around the world in collaboration so they can openly discuss their own journeys with regulation and how they may impact regulation in our own countries.”
Australia’s recent banking royal commission made clear the value of having access to a consolidated source of information.
“The commission was told by a major bank that the Netherlands broker model should be implemented here,” White explained.
“Our colleagues in the Netherlands quickly explained the failures of that model and our resulting submission saw both sides of politics, and the commission itself, reject the idea.”
New Zealand, the Netherlands, and other countries from Europe and Asia are expected to join the federation in the near future.
“The IMBF discusses matters such as property markets, economies, regulations, global codes of conduct, rules of ethics, data research and best practice so that our members are informed like never before,” concluded White.