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The Finance Brokers Association of Australia has announced its membership numbers have hit a new record.
At the end of the 2022–23 financial year, the Finance Brokers Association of Australia (FBAA) confirmed its membership numbers have surpassed the 11,000 mark, with 11,044 members as of 30 June 2023.
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This represented a net growth of 951 members from the same period in 2022, with almost 93 per cent of members being customer-facing brokers.
This milestone came off the back of the FBAA’s 30th anniversary, with FBAA managing director Peter White stating the association has “come a long way” in three decades.
In addition, Mr White revealed that independent research found that the FBAA now represents approximately 68 per cent of all Australian credit representatives who are customer-facing brokers.
“I am immensely proud of our record of advocacy over the past three decades and of the gains that finance brokers have achieved through the work of the FBAA,” Mr White said.
“We’ve had wonderful directors, managers, staff, sponsors, and supporters who have demonstrated that they are prepared to go above and beyond to ensure that our industry thrives.”
Mr White took this opportunity to commend the FBAA’s members, noting recent data from the Australian Financial Complaints Authority (AFCA).
“I recently saw AFCA figures for the period November 21 to October 22 which recorded 161 complaints about brokers and only eight were FBAA members,” Mr White said.
“This is consistent with past figures from ASIC that show extremely small percentages of brokers that are subject to action from the regulator are our members.
“These figures are a testimony to the work the FBAA has done around education, professional development and governance, and the standards our members set.”
He further declared that the FBAA will not stop its growth trajectory as “there is still much to do and achieve”.
“The industry is growing, technology is advancing, banking is changing, and we must ensure that brokers continue to evolve and succeed,” Mr White concluded.
“Our promise to members is that we will always stand beside you and work for you.”
This follows the 15th edition of the Industry Intelligence Service (IIS) report, which revealed that the number of brokers had surpassed 19,000 for the first time since the research commenced, reaching 19,236 (up 5.2 per cent) during the six-month period from 1 April 2022 to 30 September 2022.
[RELATED: Broker numbers exceed 19,000]
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