News

ASIC's shadow shopping initiative

ASIC had advised MFAA members at PD day events across the country earlier this year of its plans to conduct a shadow shopping exercise in 2018. Based on projected timing discussed back in February, the MFAA believes that this process will have either commenced or will be commencing imminently.

The process will be a shadow shopping exercise of both the broking and proprietary channels and will operate nationally throughout a significant part of 2018.

MFAA's Defence of the Industry to open National Roadshow

In the opening session of the MFAA's National Roadshow, CEO Mike Felton will exclusively announce the details of the MFAA’s next stage of activities it will undertake to defend the mortgage broking industry amidst the current climate of a Royal Commission, Productivity Commission and various media reports. The session will provide an update on yet-to-be announced information on what your industry body is doing to promote and defend the broking sector. If you're a broker, this session affects you and cannot be missed.

What will you get out of the MFAA's National Roadshow - Changing Gears

2017/18 has been a turning point for the finance broking industry. Broker numbers and market share are at record highs - signalling a prosperous industry; but regulation and scrutiny is the new norm, technological change and disruption is rampant and we're on the verge of a major generational shift.

'Don't blame brokers…' in the Australian Financial Review

CEO Mike Felton's response to comments made by Westpac on broker remuneration in Don’t blame brokers for big bank misconduct has been the focus of an article published by the Australian Financial Review (AFR).

Privacy Commissioner issues data breach guidance update

The Office of the Australian Information Commissioner has issued updated guidance on the new mandatory obligations on privacy data breaches which came into effect on 22 February 2018. The guidance, Data breach preparation and response – A guide to managing data breaches in accordance with the Privacy Act 1988 (Cth), details key requirements relating to privacy breaches as well as considerations in developing a robust breach strategy.

ASIC releases its Small Business Strategy 2017-2020

ASIC recently released its ASIC and small business report (Report 571), as part of its ASIC Small Business Strategy 2017–2020 to help "engage, assist and protect small business in Australia to ensure a strong and healthy economy for all Australians."

Don’t blame brokers for big bank misconduct

A message from the 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.

MFAA challenges comments on the legality of broker commission

A message from the 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.

gTLD's – giving you cut-through on the world wide web

What are new 'generic top-level domains', or gTLD's, and how can they provide a boost to your business?  

Imagine having a website with the URL 'sydneymortgage.expert' and you can imagine the benefits.

Most web users recognise domain extensions like .com, .net and .org; but did you know there is now an extensive list of more unusual and specific domain extensions that have been made available, such as .eat, .app, .cash, and .mortgage?

MFAA brokers clean-up at Better Business Awards

MFAA members have taken out the majority of awards at the recent The Adviser's Better Business Awards 2018.

MFAA members won 85% of the available awards across NSW, VIC/TAS, QLD, SA/NT and WA state awards, with MFAA members winning all of the available awards in VIC/TAS and SA/NT.

The MFAA congratulates our members on achieving such results and being recognised for their efforts.

Top apps to help improve customer experience

There are apps for everything these days, and that includes credit and financial services. Here are some of the top picks from leading mortgage brokers to help you save time.

Life is busy, often frantic, so it makes sense for mortgage brokers – who already spend a lot of time on their phones – to make their job easier and more efficient using technology.

Enter the app.

OnDeck Group's Global CEO to meet Sydney’s Broker Community

SPONSORED: Noah Breslow, CEO of OnDeck Group, will host a group of brokers, aggregators and finance partners at an exclusive event on Tuesday 17 April in Sydney looking into the changing lending landscape for SMEs.

ASIC publishes broker-industry indicative levies for FY17/18

ASIC recently published its Report 570 - Indicative levies for ASIC industry funding: 2017–18.

The report provides information about indicative levies for industry funding for the 2017–18 financial year, in preparation for the invoices it will be issuing, for the first time, in January 2019.

MFAA emphasises key issues to remember about ongoing series of disruptions

From the MFAA CEO, Mike Felton.
Originally published 23 March 2018.

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.

Record number of entries in MFAA Excellence Awards

With the submission period closing on the 5th March, the MFAA has received a record number of entries for the 2018 Excellence Awards.

Overall 657 entries were received, up 40% from 469 in 2017. 2017 was a record year in itself.

The most hotly contested categories were Customer Service, BDM Lender/Support Service Provider, Newcomer and Young Professionals.

Judging of entries began on the 9th March, and wraps up on the 28th March, with finalists to be to be announce on 12 April.

PROSPA GROUNDBREAKERS: Sharon Piening on commercial asset finance - more than just a competitive edge

Chances are you’ve considered adding commercial asset finance to your arsenal of services at one time or another.

Most brokers know the challenges of diversifying into this type of structured finance.

Yet, few would be able to say they have been able to build a successful asset finance broking business just two years after transitioning from the corporate world.

ASIC reports on changes to small business loan contracts

ASIC had recently "released a report setting out the details of the changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million."

Tips to maintain your social media energy

Using social media without a focused strategy can be akin to endlessly pouring water into a bucket riddled with holes. Here's how to stay on target.

As a finance broker, social media can be a blessing or a curse, depending on how you use it.

According to figures from the 2017 Sensis Social Media Report, 90 percent of big businesses surveyed align their social media practice with a social media strategy – but only 31-40 percent of the surveyed small-to-medium businesses do.

Understanding body language (part 1). What signals are you giving clients?

Your body language is a way of communicating your personal brand, and it can be used to help build trust and rapport more quickly with referrers and clients, which is essential when it comes to building your business.

While grooming and preparation are important, don’t forget to consider the impact of your body language as a finance broker. 

“Brokers are selling a non-tangible product, and body language is 80 per cent of the message,” says Masters Broker Group co-founder Andrew Tan, an MFAA Mentor with more than 20 years’ experience in the industry.

The new Notifiable Data Breaches scheme. What does it mean for you?

With rich customer data often cited as a key to business success, the introduction of the Notifiable Data Breaches scheme under the Privacy Act 1988 now requires brokers to act following an “eligible” data breach.

An eligible data breach warranting notification will arise when:

(a) there has been unauthorised access to or unauthorised disclosure of personal information; and
(b) access or disclosure would likely result in serious harm to affected individuals.