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.