MFAA appoints lobbyist to represent industry

by Adam Smith27 Nov 2015
The MFAA has appointed a lobbyist it says will help to better educate government on the role of brokers.

The association announced it had appointed public affairs company GRACosway as its Finance Broker Public Affairs partner. The appointment was made with the support of Aussie, AFG, PLAN, FAST, Choice, Mortgage Choice, Loan Market and Vow, and MFAA chief executive Siobhan Hayden said the move came after industry feedback.

“The appointment of GRACosway specifically supports the feedback from our members who identified a need for better education of Treasury and industry regulators about our profession. It is clear from media comments in the last 12 months that some representatives of Reserve Bank of Australia (RBA), Australian Prudential Regulation Authority (APRA) and Treasury do not have a detailed understanding of our industry and this needs to change,”  she said.

 GRACosway managing partner Richard King outlined the firm's strategy to engage on behalf of brokers.

"I am looking forward to working with the MFAA to represent and elevate the interests of finance brokers within government. Our initial priority is to ensure that government understands the benefits that brokers provide to customers as well as competition in the mortgage lending sector. We’ll also work to provide an education to government on how Finance Brokers are remunerated, the vast majority of whom are small businesses," King said.


  • by MCC 27/11/2015 11:13:47 AM

    This is an outstanding & critical move. Whether it was stimulated as a reaction to comments made by regulators or not, is irrelevant. It is well known that "Lobbyists" play a key role in making that link with "Government" in all industries, which then assists in policy decisions & settings. Excellent move!!

  • by MMW 27/11/2015 12:15:55 PM

    My question is what is the MFAA's REAL AGENDA?
    As it represents lenders and brokers, my suspicion is this appointment is in response to FBAA's lobbying against clawbacks.
    Funny how MFAA has remained silent on that issue apart from saying it is good for the industry to have clawbacks.
    Most of the aggregators listed are owned by one of the big four, so would they be supporting the brokers which they see as a necessary "evil" as we are providing a service to customers which they are not able to as the results show?
    I would lobby for ALL brokers to join FBAA and leave MFAA to represent the lenders.
    How can MFAA have any clear mission statement as an organisation?
    To put an analogy forward it is like an organisation which represents employers and employees in the same industry.
    The brokers do the hard work (employees) and the lenders pay for our work (employers).
    The terms of our payment is our commissions, so how can MFAA truly speak on this most important issue for us brokers when they also look after the interests of the paymasters - the Lenders?

  • by Just Curious 27/11/2015 2:12:05 PM

    I would have thought this was a part of the CEO’s job - it was for Phil Naylor.

    MFAA said in Sept 15 in the industry press they had educated APRA on brokers, obviously didn’t work out so well for them.