The MFAA's response to NSW Fair Trading Consultation Paper: Easy and Transparent Trading

The MFAA has responded to the NSW Government’s Consultation Paper on Easy and Transparent Trading – Empowering Customers and Small Business. This submission seeks to clarify the MFAA’s position in relation to a number of important issues raised in the Paper that are relevant to the mortgage broking industry.

To read the submission, click here.

Don’t blame brokers for big bank misconduct

9 April 2018

(A message from MFAA CEO, Mike Felton) There is a risk that the big banks are using brokers as a shield to divert attention away from allegations of their systemic issues, stifling of competition and massive community trust deficit.

If this is the case and it proves successful for the big banks, this strategy will result in three particularly bad outcomes for Australian consumers...

To read the full press release, click here.

MFAA challenges comments on the legality of broker commission

6 April 2018

(A message from MFAA CEO, Mike Felton) Dear members,

You may have seen comments in the Australian Financial Review (AFR) this week in an article titled 'Flawed bank remuneration threatens financial stability', that were attributed to Deloitte speaking on the legality of broker remuneration.

We have been in contact with Deloitte to discuss this, and they have advised that they have been misquoted and that the AFR has printed a correction as follows: "Correction: an earlier version of this comment said Karen Den-Toll suggested mortgage broking commissions were non compliant when in fact she said the Royal Commission had suggested this."...

To read the full press release, click here.

MFAA emphasises key issues to remember about ongoing series of disruptions

26 March 2018

(A message from MFAA CEO, Mike Felton) Dear Member,

As you are aware, in recent weeks there has been an enormous amount of public conversation about our industry, and the entire financial services sector, emanating from the activities of the Royal Commission and the Productivity Commission.

Much of it has been extremely sensational in nature, and a lot of what has been said and reported about our industry is simply not consistent with the outcomes and value you create for your customers. I have no doubt this is causing you a great deal of stress and concern...

To read the full press release, click here.

Productivity Commission Report Misinterprets Brokers’ Value to Customers

7 February 2018

The Mortgage & Finance Association of Australia (MFAA) is disappointed by the limited view of the mortgage broking industry that has been presented by the Productivity Commission’s Draft Report on Competition in the Australian Financial System.

The Report’s authors have failed to understand the reasons why consumers engage brokers to act on their behalf, and ignore the value that mortgage brokers have brought to the Australian economy over the past 20 years...

To read the full press release, click here