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A regulation and governance professional has joined the broker association as its new senior policy specialist.
Stefania Riotto has joined the Mortgage & Finance Association of Australia (MFAA) as its first senior policy specialist.
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Ms Riotto has extensive expertise and knowledge of the broking industry, having worked with the ASIC Broker Remuneration Review in 2016 and the industry’s response to the banking royal commission.
She has held a range of senior governance, regulation and policy roles at NAB and LMG, where she was most recently the head of broker regulation and policy, and also has more than a decade of experience as a business development manager in the mortgages space, including six years at Advantedge Financial Services.
Ms Riotto has now joined the MFAA in the new position, which sits alongside Naveen Ahluwalia (MFAA’s head of policy & legal), to support its broadened policy and advocacy remit with in-house policy expertise.
MFAA chief executive Anja Pannek welcomed Ms Riotto to the team, commenting: “With a relatively stable regulatory environment for the industry, the MFAA continues to expand its remit to advocate on a broad range of issues that are important to our members.”
Ms Riotto said: “I’m looking forward to working with the team at the MFAA, and its members, to drive policy positions that acknowledge the work of brokers, the industry’s commitment to compliance and positive consumer outcomes.
“Joining the MFAA is a fantastic opportunity to contribute to the industry and influence continued positive change.”
MFAA policy and regulation engagement
According to the MFAA, the association has participated in “a significant number” of government and regulator consultations resulting in the development of a record 24 submissions over the last financial year, the highest in the association’s 40-year history.
Ms Pannek said that the association would continue “proactive advocacy on a range of issues”, including “social and economic policy that impacts [its] members and their clients”.
“For example, in January this year we made our inaugural Pre-Budget submission to the federal government detailing five key areas we believe are critical for investment, including competition in the home lending sector; digital innovation; and diversity and inclusion,” she said.
“We represent the entire industry – 97 per cent of our members are mortgage and finance brokers, and we also represent lenders, aggregators, and other service providers to the industry. So, we take a whole-of-industry approach to our advocacy to ensure the ecosystem benefits all our members and their clients.
“The MFAA is seen as the trusted voice among government and regulators, and we’ve been instrumental in shaping policy discussions, promoting industry best practices, and safeguarding the interests of all our members.
“A clear example of this is the significant advocacy and lobbying work that the association did that led to the cancellation of the Review in Mortgage Broker Remuneration in March 2022.
“As changes are contemplated in the regulatory and policy environment in which our members operate – whether in relation to credit regulation or regulation that changes how our members operate their businesses – we are here ensuring that any change is fit for purpose and continues to promote choice and competition.”
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