Stop portraying 'doom and gloom', says FBAA

by Julia Corderoy08 Feb 2016
The chief executive of the FBAA has expressed concern over the negative publicity coming from within the industry. 

Speaking to Australian Broker, Peter White said he is concerned brokers are getting too distracted by the regulatory environment. 

“It is nothing against the people because I have incredible respect for the people making these comments but I am concerned if we start speaking so negatively about the market place so publicly – whether it be clawbacks or what is going to happen to the future of commissions – new entrants to our industry or people who are potentially looking at coming into our industry might question why they would want to join our industry.”

White emphasised that he champions the right for brokers to express their concerns and opinions, however, he is encouraging brokers to more actively talk to their industry association.

“It is not that it should not be discussed – that is not the issue at all, it needs to be discussed and it should be raised in the media. However, brokers need to come back to their industry body and tell them how they feel or what they think is wrong…

“…The underlining point of all this is that brokers should not get distracted by all this. Brokers are allowed to be concerned and they need to have their input into these things, but they need to understand that the industry bodies are doing this stuff and we are right on it. In actual fact, we are at the very forefront of all this.”

Over the last week, according to White, the FBAA has held teleconferences with ASIC regarding the forthcoming commission and interest-only reviews. Over the coming weeks, he assures brokers the association will be meeting face-to-face with ASIC as well as the federal minister [Kelly O'Dwyer]. 

“It is not against what anybody is currently saying to the media, everyone is entitled to their voice. But I think what we have got to do is not constantly portray doom and gloom. We need to look at the positive things in our industry, whilst people like [the FBAA] are taking care of the challenges at the back end...

“...That doesn’t mean that we don’t deal with the issues that are underlining, but we need to be trying to be selling a lot more of the good news stuff.”