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The FBAA has urged major banks to improve consumer awareness about mortgage brokers.
This comes after a report released by NAB Broker found a lack of awareness among consumers about the role brokers play, despite figures indicating that more than 50 per cent of new loans now pass through the third-party channel.
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FBAA chief executive officer Peter White said improving consumer awareness about brokers remains the group’s top priority however it is time the banks also stepped in to start actively promoting the broking sector.
“In the end, it’s the banks who ultimately profit from finance-broker-introduced loans and the more loans transacted, the better the bottom line is for them,” Mr White said.
“It is also a bit rich that the banks make a lot of money off the third-party broking channel without having to do a shred of promotion in the marketplace.”
Mr White also dismissed comments from NAB Broker which suggested that industry peak bodies have not taken “a lead role” in promoting their business.
“As CEO, I am on national television, radio talkback and in the mainstream print news on a regular basis extolling the wide-ranging benefits of using a broker. The FBAA has also undertaken several comprehensive public campaigns to educate and highlight our strengths and mission statements,” he said.
“Our educational initiatives being launched next year to borrowers, and learning initiatives for brokers, form a major part of the education process so brokers know the best way to maintain communication with customers.
“The FBAA does not rest on its laurels and is fully aware of the importance of broker engagement.”
[Related: NAB Broker report shines light on fee for service]
