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A recent poll has revealed that there is a split within the industry on how brokers view their associations.
According to The Adviser poll, 34 per cent of MFAA members who voted were happy with their association compared to 66 per cent who were unhappy.
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The poll also found that 87 per cent of FBAA members who voted were happy, while 13 per cent were unhappy.
Smartmove general manager Darren Little said the MFAA’s focus on professional development was one of the things he liked about the association.
“We are a professional industry and we’ve got to strive hard to maintain and have some education to support that,” he said.
Mr Little also said that the MFAA did a good job in lobbying for brokers’ rights – although not all brokers agreed.
Go Private director Brian Taylor said he was angered that the MFAA hadn’t reacted strongly enough when one bank cut trail during the GFC.
However, MFAA chief executive Phil Naylor told The Adviser that the association wasn’t legally able to interfere with contracts between brokers and their banks.
“They’re not employees, they’re independent contractors running their own businesses, and they’ve signed a contract with another business,” he said.
Mr Naylor said one of the MFAA’s biggest achievements had been the “significant pull” it had developed within the federal government.
“We speak with the government almost daily through regulators about issues. They talk with us behind the scenes. And they recognise us as an organisation that maintains high standards,” he said.
Mr Naylor also said the MFAA had worked hard to improve the public’s perception of mortgage brokers.
Meanwhile, Southern Milestone owner Tony Jakeman said he had opted for the FBAA because of the high level of support he said it gives its members.
“The FBAA is user-friendly and broker-friendly. They support brokers and don’t tell them how to run their business,” he told The Adviser.
Mr Jakeman added that another reason he preferred the FBAA to the MFAA was because the latter had “unnecessary” training requirements.
[Related: MFAA offers brokers free marketing help]
Next month’s issue of The Adviser will explore the future of the MFAA ahead of Phil Naylor’s upcoming departure.
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