MFAA chief to exit

Mr Felton, who has been at the helm of the broker association since 2016, made the announcement at the MFAA National Conference “Look Up, Look Ahead” on Tuesday (10 May) – telling MFAA members that the time was right for him to also “look up and look ahead” now that the future of broker remuneration is more certain.

Addressing MFAA delegates attending in person and online, Mr Felton said: “For me, personally, it is time to look up and look ahead to my future horizon.”

Looking back over his tenure, Mr Felton said: “Back in 2016, the MFAA board had the foresight to anticipate the scrutiny that was about to arrive and I was brought in with a specific purpose, a specific role to lead the MFAA, and the industry, through a period of unparalleled scrutiny and change.

“[With the] finalisation of an extremely successful regulatory reform agenda, the conclusion of a period of ongoing reviews and the resultant strength of the mortgage broking industry, I believe that now is the time for me to announce my retirement as CEO of the MFAA,” he said.

The outgoing CEO said that he had first taken the role in 2016 – ahead of the ASIC remuneration review (and before multiple subsequent reviews of the industry, including the banking royal commission) – and he believed the role was “a perfect fit” for his skill set.

“We knew it wasn’t going to be easy change, but I’ve run my life and the way I’ve done my role with one simple rule. And that is that I’ve always focused on doing what is right for the long-term interests of our members in the industry, rather than what is simply popular,” he said.

Mr Felton outlined that over his tenure the association had launched national campaigns advocating for brokers (the “Don’t Kill Competition” campaign), had engaged and consulted with politicians and government officials on the value of brokers, and had helped steer the industry over choppy waters.

He continued: “The industry is now in the strongest position it’s ever been and, more importantly, it’s in a sustainable position, which is a tremendous testament to everybody in this room today (and [zooming] in from your offices) and to the amazing work you do for the communities you serve.

“We couldn’t have been here if we weren’t fundamentally a great industry. And you know, we owe that to you. You created that for yourselves. But of course it also reflects a significant amount of advocacy, by your association over an extended period.

“I believe the time is now right for me to end my full-time working career, to reduce my workload, and to start doing some of the things I’ve sacrificed and haven’t had enough time to do.

“As I journey towards retirement [after] representing you all, I can honestly say I’ve given 1,000 per cent to this role and I’ve treated it as my own business.

“And despite some trying personal circumstances, at times, without a shadow of a doubt, this last five and a half years is the pinnacle (from my personal perspective) and the highlight of my working career, to represent such a great industry.”

Mr Felton thanked the various directors that he had worked with at the MFAA over his tenure, the staff and executive for their “tireless work in representing these members”, and all the members for their “trust and the tremendous hard work [they’ve] put in in implementing changes that have strengthened and grown our industry”.

The outgoing CEO said that he will remain in his role until “spring” and work over the next four or five months with the board as they conduct a search for his replacement to ensure a smooth transition.

“My focus will also remain on a number of active discussions we have with government and regulators in key areas like clawback discharges, channel conflict, lender turnarounds, which remain continuing and ongoing strong areas,” he concluded.

Mr Felton received a standing ovation from MFAA members in the room.

MFAA chair Rose De Rossi said Mr Felton had led the association through the industry’s most challenging period with professionalism, dedication and great determination.

“During his time with the MFAA, Mike has unrelentingly championed the Association’s advocacy efforts on behalf of brokers and the industry, which not only had a significant influence on the policy outcomes achieved for broker businesses and the customers they serve, but also allowed the industry to lean into scrutiny and thrive in a sustainable manner,” Ms De Rossi said.

“Over the past five-and-a-half years, Mike has led the MFAA from the front with great passion and effectiveness. He guided the industry through its response to the ASIC Review, the formation of the Combined Industry Forum and its associated reforms, and the industry’s responses to various subsequent challenges. This included an incredibly successful response to the Royal Commission and now the 2022 Review outcome. It was fitting that it was Mike who was the one to receive the news about the cancellation of the 2022 Review from the Assistant Treasurer and Minister for Housing.

“At the same time, Mike never lost focus on helping mortgage broking to progress on our journey from an industry to a profession. Under his leadership, our professional development and learning programs have continued to be enhanced.

“Mike has also successfully guided the industry through an enormous period of change. From the existential threat of the Royal Commission to individual member concerns, Mike has left no stone unturned in his efforts to help our 14,000 members to succeed.

“Mike has worked incredibly well with the Board over the years, and he will leave the industry and our Association in a strong position. We have now emerged from years of regulatory examination to a future with growing membership, a strong financial position and a stronger reputation as an industry, which is reflected in record market share mortgage brokers originate.

"We are sad to see Mike leave us as CEO, but we wish him all the very best for his retirement.”