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MFAA Prosper : Mortgage and Finance Brief 06
‘We need to welcome change’ Brady Henley, Tasmania Having seen the impact on a small business and challenges that arose from the implementation of the Financial Services Reform Act, it will be extremely important for businesses, brokers and support staff to understand that the challenge ahead involves education, cost base increase, common sense and the ability to welcome change. NCCP will make the mortgage broking industry more professional and we, as part of that family, should welcome it, inclusive of its challenges. But it is still important to use common sense when implementing what is required and expected. As with previous Acts/legislation – ranging from the Privacy Act 1988 to the pending NCCP – requirements, costs, advice and the workload will settle as the Act and people responsible for delivering and monitoring it develop better systems, which in turn presents a sound outcome to all parties involved. ‘Prepare for business growth’ Leah Busby, South Australia There are three main challenges: the new licensing requirements from ASIC; the changes to the commission structure, and managing business growth as more consumers seek the assistance of a broker. Brokers shouldn’t be scared of the new licensing requirements but they need to be aware of what they need to do and have systems in place that will deal with the associated paperwork. “The changes to the commission structure, with lenders implementing volume requirements and reducing commission, means brokers will need to find different ways to diversify their income. Volume hurdles are a concern, as banks are asking us to prioritise them ahead of the client, which is dangerous. “Finally, as consumer awareness increases and as brokers leave the industry, the remaining brokers will need to manage the increased growth to their own businesses that will result. ‘Consumer protection is a virtue’ Ray Hair, Victor ia One of the main challenges is the introduction of legislation around consumer protection. Brokers need to turn it into a virtue and a way of showing consumers that they are looking after their needs. Productivity is another issue because of the cuts to commissions – brokers will now need to find other ways to drive revenue. Another challenge is attracting new entrants into the industry, as it is not a very attractive one for them at the moment. I will be bringing to the MFAA Council the experience I have gained over the years in helping brokers manage their business. One of my aims is to improve broker understanding about the role of the MFAA. ‘Communication and relevancy’ Val Tyson, New South Wales The two key issues for 2011 are communication, including how to better communicate with members, and really emphasising the necessity of the MFAA. I was on the Council from 2007 to 2009 and then re-elected for this year, and I’ve worked hard on getting regional NSW brokers into focus groups and helping them communicate with the MFAA about what they need locally. We need brokers to communicate more with the MFAA. InView Mor tgage & Finance brief | 27
Mortgage and Finance Brief 05
Mortgage and Finance Brief 07