Dear Subscribers
Welcome to this issue of The Finance Professional eMagazine.
During October we held our State AGMs across Australia and thank you to all members that attended. The State Presidents’ Councillors have been renominated and voted into council for a further two year period and I thank them for their past and future support as the FBAA continues to grow at a rapid rate.
As a part of our continued endeavours to bring a better consumer lending environment to all Australian borrowers and to our industry, LMI Providers will soon have to provide borrowers with a summary/Fact Sheet disclosing amongst other things the benefits of LMI (which there are none bar the access to a higher LVR). The FBAA solely tackled this issue at the Senate Enquiry into Banking Reforms late last year and earlier this year, and I am sure you would have seen it in the press as well.
Peter J White
President - FBAA
The next step is to complete what we have begun on bringing the portability of LMI to the market, and albeit not being considered by Treasury for now, it is still on the agenda with the Coalition Senate and once this becomes reality then moving borrowers between lenders where LMI is required, will be at a great saving to the consumer and an easier path for brokers when refinancing these clients. A win win for all.
The FBAA continues its work with the Shadow Ministers in this area of LMI Portability as noted above, plus attending various meetings and functions in Hobart late August whereby I also attended a private breakfast with The Hon Tony Abbott and key Coalition Senators, together with attending private meetings with Ministers covering the subjects of LMI and its path forward, securitisation’s future and strengths, over regulation and policy issues, and of course the Exit Fee / EDF debacle caused by the current Government which doesn’t understand our industry and the impact of banning EDFs in the securitisation sector – fortunately to Coalition does.
We will continue these initiatives and will keep you informed as matters progress over the coming months and in some cases it might take years, but it is all for the greater good and the long-term foundations and future of our industry.
The FBAA National Industry Conference will be held in Sydney at the Convention Centre Darling Harbour from the 15th to 17th February 2012 so mark this in your diary now as you will be hearing a lot about this for the next 6 months, and is an event not to be missed and beyond anything you’ve experienced in the past.
At the Conference you will hear from the best and most informative and inspirational speakers have been sourced from around the country and from overseas – if you want to grow your business, be inspired to better and greater things, and to hear from only the experts at the "top of the tree", this is the pinnacle event for 2012!
Full details are available for Business Partners, Attendees and the Program is on the
FBAA website www.fbaa.com.au
Don't forget the TFP Co-Operative Ltd is the most exciting services platform in the industry and will assist make you business more profitable by providing you access to services and products that will earn you income or save you dollars plus will give you marketing opportunities to your clients unlike any other which generate revenue for you along the way!
You better register and become a TFP Co-Op member now – the FBAA is working with you to
make you money – no other Association is!
I look forward to speaking with you at the National Conference in 2012, and please do not hesitate to contact our office on any matter we can assist with as our key staff have decades of practical experience working in our Industry.
Peter J White JP AFB CPFB
National President and Chairman of the Board of Directors
Email: president@fbaa.com.au