News

ASIC launches 'Women talk money' program

With around 46% of women finding money decisions overwhelming and stressful, and about 85% of women under 35 not understanding fundamental investment concepts, the Australian Securities & Investments Commission (ASIC) has recently launched the ‘Women talk money’ program ‘to inspire and motivate more women to talk about money so they are more confident when making financial decisions.’

ASIC Industry Funding update

The Australian Securities & Investments Commission (ASIC) has published an update on next steps for industry with respect to its funding.

PROSPA GROUNDBREAKERS: The right balance between broking and burgers

Managing one of Melbourne’s top burger blogs may be his passion, but Sean Breen is also racking up wins as the director of up-and-coming brokerage, Conquer Finance.

What drove him to get into the business in the first place?

ASIC approves ABA's Banking Code of Practice

The Australian Securities & Investment Commission (ASIC) has approved the Australian Banking Association’s (ABA’s) new Banking Code of Practice.

ASIC’s approval of the Code follows extensive engagement with the ABA, following a comprehensive independent review and stakeholder consultation.

The Code will commence operation from 1 July 2019.

The power of healthy competition: The Egan brothers

Award-winning mortgage brokers, and twin brothers, Josh and Nick Egan, compete to serve their clients at the highest possible level – without compromising their beliefs or principals.

Josh and Nick Egan come from a family with a long history in the finance industry – especially in the mortgage broking sector.

MFAA Member Communication on the Productivity Commission Report

Originally published 7th August 2018

Dear Member,

As many of you know, the Productivity Commission (PC) released its Inquiry Report on Competition in the Australian Financial System on Friday.

While we will be following up with Government and regulators on the key issues over the coming weeks and months, I wanted to communicate with you on our responses to some of these critical issues.

Below is a summary of the key issues and our position on each, followed by a more detailed analysis of the PC’s recommendations.

Treasury lodges Royal Commission submission

The Treasury has lodged a submission with the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

NSW Land Registry additional fees announced

NSW Land Registry Services (LRS) has published an update to its fee schedule in relation to transactions under the Real Property Regulation 2014.

ACCC warns on rise in investment scams

The Australian Competition & Consumer Commission (ACCC) has cautioned consumers about the rising number of investment scams in 2018.

The ACCC site states that Scamwatch has recorded a 117% increase in average losses, month-on-month, compared to last year. The ACCC anticipates that reported losses to investment scams in 2018 could top $100 million. People in the 45-64 age group appear most at risk to scams which are becoming very sophisticated and convincing.

The Value of Mortgage Broking report released

The Value of Mortgage Broking, the recently published Deloitte Access Economics report commissioned by the Mortgage Broking Industry Group (MBIG) had found that mortgage brokers drive competition and deliver greater choice and valuable services to Australians.

The report was produced to provide Australians with greater transparency into the role mortgage brokers play in the market, and the value they provide, and comes at a time when the industry is being heavily scrutinised.

Quality over quantity: The power of building strong relationships

Newcomer Katie Dickson, owner of WA broker business Dickson and Co Financial Solutions, shares her keys to early success in a highly competitive field.

Coffee, morning tea and visits to the office all play a part in the way Katie keeps regular contact with her referral partners.

Yesterday, she adds, there was a golf lunch to attend and today she’s headed to a local cricket event.

PROSPA GROUNDBREAKERS: Aussie Prospect on how to drive service and scale as a three-person co-owned brokerage

< Back to Groundbreakers story library  You would imagine that being in a three-way joint venture could be tough to manage.

That's not the case for Aussie Prospect. The team of 13 thrives on service and scale and is effectively co-managed by three directors, Matthew Rose, Belinda Woodley and Sam Walker.

Australia’s top mortgage and finance industry leaders recognised at MFAA National Excellence Awards

The best of Australia’s finance brokers and organisations were awarded at the Mortgage & Finance Association of Australia’s (MFAA) National Excellence Awards at Crown in Melbourne last night. The MFAA has also chosen to award three key industry leaders with Life Member status in recognition of their dedication, contribution and service to our industry and the MFAA.

The Value of Mortgage Broking

First published via Message From The CEO, 24 July 2018

Today, the Mortgage Broking Industry Group* (MBIG) has launched The Value of Mortgage Broking, a report by Deloitte Access Economics.

Your Broker Behind You TV commercial launched. Watch here.

The full 30-second Your Broker Behind You TV commercial, fronted by The Block's Kyal and Kara, was launched last Sunday night, 15th July.

The commercial will run in regional markets, across both the channel Seven and Nine networks, including during key the programs: The Block, Seven News, Nine News, AFL, 60 Minutes, Better Homes and Gardens, Ninja Warrior and Sunday Night. The commercial will run until the 6th October.

Latest Young Professionals Report data now available

Young professional brokers are more satisfied with their career choice than before. For ‘Young Professionals’, staying up-to-date with changes in lender and product policy, and changes in compliance and regulatory requirements are a challenge. And young brokers are joining the industry from a more diverse range of sources, including more joining straight from higher education. These are some of the key findings from the MFAA's latest Young Professionals Report.

PROSPA GROUNDBREAKERS: Nancy Youssef creating a business for good

Nancy Youssef, founder of the thriving broking business, Classic Finance Group & Classic Mentoring, has always been fearless and ambitious. She admits that some of the best moments throughout her broker career were the result of ‘big, hairy and audacious goals’ that pushed her out of her comfort zone.

MFAA launches national ad campaign – Your Broker Behind You

The MFAA recently launched a new and exciting, major national advertising campaign to promote the mortgage broking industry and highlight the value mortgage brokers, across the nation, deliver to their customers and the economy.

Despite a challenging period, the value and service brokers deliver to their customers has continued to grow, and the MFAA decided it was time to tell that story far and wide.

ATO cautions on illegal early super access

The Australian Taxation Office (ATO) has warned consumers to be aware of ‘unscrupulous promoters’ who encourage them to illegally access their superannuation.

Some of these ‘scammers’ are focused on certain areas, including Western Sydney, and the ATO suggests that generally, access to a person’s superannuation funds can only occur once the person reaches their legal retirement age, or when they reach ‘preservation age’ and stop working.

PROSPA GROUNDBREAKERS: Joel Wyld and the winning formula to securing TV coverage

They say that from adversity comes opportunity, and that has proved to be the case for Joel Wyld.

When Joel first started out in the industry as an assistant broker at the age of eighteen, he was also working nights delivering pizzas and balancing his accountancy studies.

He had a natural passion for numbers and a fierce entrepreneurial drive, wanting to start his own business. It didn’t take long for Joel to find broking as his calling.