Aggregator heads reflect on Mike Felton’s legacy

Several aggregator heads have spoken to The Adviser about the impact that Mr Felton has had on the sector ever since he stepped into the role of CEO in 2016 — particularly noting his efforts in defending the industry alongside the Finance Brokers Association of Australia (FBAA) during the Productivity Commission competition review and banking royal commission, which both recommended the banning of trail commissions, among other wholesale changes to the broking industry operates.

AFG

David Bailey, CEO of Australian Finance Group (AFG), commented: “On behalf of all of us at AFG, I would like to thank Mike for his outstanding contribution to our industry.

“Mike joined the MFAA at a time when the industry was facing what was to be one of our biggest challenges. Mike’s good grace, respectful manner and diligence has been evident to all at AFG who have worked with him during his time at the MFAA.

“The strength of our industry now is a testament to his hard work. His steadfast championing of the broker industry is to be applauded.

“I wish Mike all the very best for the next chapter of his life.”

Connective

Mark Haron, executive director of Connective, commented: “Mike Felton has been a long-standing and resolute advocate for brokers and the wider industry — we’re so grateful for his work and commitment and it’s been our pleasure working so closely with him. 

“Led by Mike over the past five and a half years, the MFAA has addressed issues in our industry head on and has always constructively engaged with regulators and government. Connective worked particularly closely with Mike in navigating the Hayne royal commission and we saw his tireless efforts first-hand. It was his dedication that helped shape the positive outcomes for our industry including the cancellation of the remuneration review.   

“From everyone at Connective we wish Mike all the best and look forward to working with the MFAA closely in the future.”

Finsure

Simon Bednar, the CEO of Finsure, commented: “Mike has been a stalwart figure in our industry for many years now, culminating in his leadership at MFAA for the past six years. With nearly 1,000 MFAA members in our network, we have always had a strong partnership with Mike and his team, connected by our common goal of strengthening the mortgage broking industry. 

“We were particularly proud to be part of the MFAA ‘Don’t kill the competition’ integrated national advertising and advocacy campaign a few years ago, spearheaded by Mike and his team during a particularly challenging period for our industry.

“Whilst it will be sad to see him go, I wish Mike all the best for his future, and thank him for his service to this great industry of ours.”

Mr Bendar added: “I look forward to continuing our relationship with MFAA, built on the back of our work with Mike.”

Lendi Group

Brad Cramb, CEO of distribution at the Lendi Group, said: “Mike retires from the MFAA with a celebrated history of collaboration that achieved significant market growth for the broker sector, continued evolution of the sector’s self-regulation, and strengthened consumer best-interest and competition ...

“On a personal note, I’d like to thank Mike for his leadership and dedication to the sector and the broking profession. He has greatly influenced the lives and business success of brokers in Australia today and we honour his outstanding commitment and achievements.”

Mr Cramb added: “Mike’s legacy places MFAA’s incoming CEO in a strong position to ensure industry competition and customer choice remains vibrant in our ever-changing market.”

Loan Market Group

Sam White, executive chairman of the Loan Market Group, said that the mortgage broking industry owed “a huge thanks to Mike Felton” for his work helping steer the industry “through some of the biggest challenges we faced”.

“Together with Peter White from the FBAA, Mike brought the industry together to respond and address the issues raised by the banking royal commission that went to the heart of our viability and credibility,” Mr White said.

“Mike understood that the best way to ensure our future was to educate policy makers on the value that mortgage brokers provide their clients. He did this with patience, perseverance and understanding. As a result, he addressed the misunderstandings others had about our industry and helped shape a regulatory framework which addressed their concerns. 

“The resulting best interest duty — really the codification of how brokers have always dealt with clients — has been a catalyst for the growth we have seen over the last few years. 

“Of course it has been the hard work of brokers and their dedication to their clients that has made this happen — and that’s been made possible by the framework Mike and others have helped create,” he said.

Looking to the future, Mr White said that there was “still much to do” moving forward, including addressing clawback, the operation of the open banking ecosystem and working with ASIC on the interpretation of the BID, adding: “The role of the industry bodies will remain critical and I look forward to working with the new CEO of the MFAA to continue to build on the momentum we have.”

Money Quest Group

Michael Russell, managing director of the Money Quest Group, said: “Mike has left an indelible mark on our industry after leading the MFAA with great passion and professionalism for more than five years.

“He will forever be revered for his tireless efforts to champion the value of mortgage brokers in the aftermath of the royal commission, and his unwavering commitment to safeguarding the industry that we, together with our clients, all cherish.

“The MFAA has never been more galvanised than it is today, and this is in large part due to Mike’s significant advocacy work and inspiring leadership.”

Mortgage Choice

Anthony Waldron, chief executive of financial services and Mortgage Choice at the REA Group, told The Adviser: “Mike has been an incredible bastion for the mortgage broking and finance industry. He has been a tireless advocate for his members and I have been privileged to work closely with him on numerous industry initiatives and regulatory issues over the last six years at both a lender and aggregator level.

“Mike is leaving the MFAA at a time when demand and trust for mortgage brokers is at its highest levels, and this reflects his constant dedication as CEO and support for an industry we all love.

“I wish Mike a wonderful retirement and know that his legacy leaves the industry well-positioned for future growth.”

[Related: MFAA chief to exit]