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The new agreement provides a framework for co-operation between the peak bodies.
The Mortgage & Finance Association of Australia (MFAA) and the Commercial & Asset Finance Brokers Association of Australia (CAFBA) have announced a strategic partnership to underpin co-operation between the peak bodies.
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This new memorandum of understanding provides a formal framework for collaboration on matters of mutual interest to foster innovation and nurture a broking industry that “adheres to the highest standards”.
The agreement also aims to help MFAA and CAFBA undertake joint research and expand education and professional development opportunities with programs that help members meet “the highest level of capability and professionalism in the finance broking sector”.
Each body advocates for a significant proportion of the broking industry, with the MFAA currently representing more than 15,000 members across Australia.
CAFBA, on the other hand, is the only industry association in Australia that focuses on professional commercial finance brokers, representing more than 1,000 firms and brokers nationwide.
MFAA CEO Anja Pannek highlighted the close work between the peak bodies in the past.
“We have enjoyed a close relationship with CAFBA over many years, and we’re excited to see this relationship formalised. We believe this MOU will strengthen both our associations and pave the way for a united front on key industry issues,” Pannek said.
"By working together, we can enhance our efforts on behalf of our members and leverage resources to innovate and deliver superior resources.”
CAFBA CEO David Bushby, who stepped into a leadership role at the organisation last year, agreed and said members of both bodies stand to benefit.
“CAFBA and the MFAA have repeatedly found there is real benefit to all our members by working together, sharing resources and aligning our advocacy efforts,” Bushby said.
“The benefits for our members and the wider industry of a strong relationship between the two associations will only become more important as the broking industry further grows and evolves.
“I am delighted that this relationship is being formalised by the signing of this MOU and look forward to CAFBA and the MFAA continuing to deliver even more for our members and the industry.”
[Related: MFAA joins COSBOA]
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