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The association has recorded its largest annual increase in memberships in recent years.
The Finance Brokers Association of Australia (FBAA) has announced that it has had the largest 12-month growth in membership in its recent history, reporting 12,223 members as of 30 June 2024.
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This demonstrates a 10.7 per cent increase in memberships compared to the end of the previous financial year, when the FBAA had 11,044 members.
According to the FBAA’s managing director Peter White AM, 94 per cent of its members are customer-facing brokers. All members included in the figures were Australian members and did not include members of its New Zealand sister organisation, the Finance and Mortgage Advisers Association of New Zealand (FAMNZ).
White said that the association did not “double count” Australian credit licensees (ACL) and authorised credit representatives (ACR) from the same entity, saying that “integrity” in reporting its membership figures is essential.
“Our broker member figures represent individual people,” he said.
White expressed his gratitude toward FBAA members: “We want to thank our members for the trust they have put in us to represent them, and we see this growth as a vote of [confidence] for our advocacy which has resulted in a better industry, and benefits for finance and mortgage brokers.”
The managing director also extended a thank you to FBAA staff members, the board of directors, and volunteer state representatives of the FBAA across Australia, who White said are “dedicated and committed to advancing not only the cause of members but the entire industry”.
White said that while growth in its membership base is an “exciting milestone”, his focus will remain “firmly on the tasks ahead”.
Speaking on his priorities as the new financial year kicks off, White said: “As well as advocacy with governments and regulators to ensure a fair regulatory environment for brokers, our priorities continue to be education, development, and helping brokers build their businesses.
“We are also continuing the fight against unfair clawbacks and other practices that disadvantage brokers, and will stay in that fight until it is won.”
Indeed, White and other members of the broking industry met with Financial Services Minister Stephen Jones MP to discuss the impact of clawback on the industry.
According to the leader of the FBAA, this was the first time a relevant federal minister had met with the industry to discuss the impact of clawbacks.
[Related: Financial Services Minister meets industry about clawbacks]
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