The Mortgage & Finance Association of Australia (MFAA) has used a recent meeting with Australia’s Minister for Small Business as an opportunity to highlight the positive role brokers play in the financial service industry.
MFAA chairman Cynthia Grisbrook last week met with Minister Michael McCormack in Canberra as part of efforts to bring politicians and the broking sector closer together.
“It was a great opportunity to outline the benefits that mortgage broking brings to customers. Things like the access they provide to financial services and the greater competition that results from that,” Grisbrook told Australian Broker
“It was part of a wider program to bring our mortgage brokers together with a parliamentarian. Minister McCormack as the Minister for Small Business works closely with [Minister for Revenue and Financial Services] Kelly O’Dwyer, so it was a great way to get our message across to both of them,” she said.
Grisbrook described the meeting as constructive and believes the minister left with a greater understanding of the broking industry.
“I think the work we’re doing at the moment is really educating politicians [about how brokers operate]. It’s really allowing us to ensure they do have a proper understanding of what brokers do,” she told Australian Broker
“The other thing is that 75% of businesses in Australia are small businesses and we have a significant portion of that in our membership base, so it was a good opportunity for us to meet with the minister from that point of view as well.”
With a broker remuneration currently a hot button issue, as well as the continued possibility of a Royal Commission into Australia’s banking sector, Grisbrook said the MFAA is committed to ensuring politicians also see the benefit for the current remuneration structure.
“The MFAA has always welcomed the review into remuneration.
“It’s important that politicians do understand the benefits the remunerations system provides to the consumer.”