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The Mortgage & Finance Association of Australia has announced that it has appointed a financial services executive as its new chief executive officer.
Mike Felton has agreed to join the MFAA as CEO, taking over the role from interim CEO Chris McRostie. He has previously held a series of operational and executive roles in asset finance and banking over the last 30 years.
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The MFAA said that it had sought a candidate with experience across the financial services spectrum to ensure the organisation could continue to respond to the “inevitable and increasing” changes facing the finance and mortgage broking industry.
MFAA chairman Cynthia Grisbrook commented: “We couldn’t be happier to have secured Mike for the role, he has worked in financial markets, treasury, asset finance and program management, as well as in executive roles. Each of these elements of his career has equipped him with skills and knowledge that will benefit the MFAA.”
Ms Grisbrook added: “The board also saw the value in appointing a CEO with a depth and breadth of perspective, but whose experience lies outside of the broking industry. We believe Mike will be effective in continuing to drive the MFAA’s position with stakeholders and enhance our members’ professional capability.”
Mr Felton, a 29-year veteran of banking and financial services, both here in Australia and overseas, said he saw the role as the perfect fit for his experience set.
“I am honoured and grateful to the board for the opportunity to lead the MFAA team and excited about the challenge this role presents,” Mr Felton said.
“There is change on the horizon with a mature trend in interest rates, proposed regulatory changes, ongoing adjustments to lending criteria and predicted volatility in housing markets, all of which will need to be navigated. Most of my career has been in high-change environments and I look forward to working with the team to drive outcomes for the MFAA and its members in the coming months and years.”
“My first priority, however, will be to listen and learn. I’m looking forward to spending time with the board, the MFAA team, members and other stakeholders to understand and take stock of our current position,” Mr Felton added.
Mr Felton will commence work with the MFAA on Monday 5 December 2016.
[Related: Over 30% of borrowers ‘completely satisfied’ with their broker]
