Broker. October 2020

Tanya Mehinagic, Principal at Astute Financial Mount Ommaney

Maree Blakemore, Finance Specialist Mortgage Broker at SW Brokerage

Nathan Vecchio, Mortgage Broker at Hunter Galloway

BEST INTERESTS DUTY: THE GOOD, THE BAD AND THE BEST Are you BID ready? We ask real brokers to share their thoughts on the imminent legislation.

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FROM THE CHAIR

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International payments survey

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Get broker fit - R u ok? Day

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Speed up the VOI process

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Phone and Internet deals

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SendFX Editorial

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Boost your business

FBAA Chairman Tony Carter

INDUSTRY UPDATE Doing Your Best

AGGREGATOR NEWS

Online Commissions Management with David Haythorn of Custom Equity Group

The results are in from SendFX’s survey of FBAA members

Catch up on our digital Get Broker FIT - R U OK? Day event

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Board of directors

Meet the FBAA Board of Directors

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Best Interests Duty: The Good, The Bad and The Best Are you BID ready? We ask real brokers to share their thoughts on the imminent legislation.

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How good or bad is our economy?

The results are in from SendFX’s survey of FBAA members

EDITOR & HEAD OF CONTENT Peter White AM MANAGING EDITOR Krystal Camilleri STAFF WRITER Rachel Licciardello CREATIVE DESIGN & PHOTOGRAPHY Jessica Camilleri Matthew Gianoulis Krystal Camilleri ADVERTISING Krystal Camilleri TELL US WHAT YOU THINK We appreciate hearingfrom readers.

If you have feedback, news or have a story idea you would like us to cover, please contact us using the below details NEWS, ADVERTISING AND ADMINISTRATION e: editor@fbaa.com.au p: 07 4721 1174 w: www.fbaa.com.au All information and images are subject to copyright. No part of this publication may be reproduced without prior permission in writing to the Finance Brokers Association of Australia Limited. The views and opinions of the authors and advertisers do not necessarily reflect the opinions of the publisher.

While every effort has been made to ensure the accuracy of information at the time of publishing, the publisher accepts no responsibility or liability for errors, omissions or subsequent consequences including loss or damage from reliance on information in this publication.

From The Chair Tony Carter Nobody can say this year hasn’t been interesting. 2020 has thrown just about every known business and personal challenge at everyone. And yet, Australians are resilient and innovative. Hopefully you are in a good place mentally, diligently working in your business and helping clients through this time of pandemic. Personally, I am confident we will all relate back on this year as a growth year – growth as a person and as a better business.

As the saying goes: when the going gets tough, the tough get going.

At meetings with FBAA State Presidents the feedback is that broker written business is significantly up albeit everything must line up to get through possibly the toughest credit assessments ever. The biggest and most common complaint is the double standards of SLA offered by banks. What takes 14 days in a branch can take up to 90 days in broker channel. How can this be fair and even?

Fortunately, we have the advocacy program run by Peter White on top of this issue.

However, this may be something worthwhile for ACCC to consider.

When one State President was asked how he was going and what was his view of the future, he said, “a bit dented but still very positive”.

I feel this is the general sentiment.

We are all getting ready for best interests duty (BID) compliance. The FBAA online course Get BID Ready is an absolute must to ensure you are on top of this area of your business. A number of people were critical of our time to bring this to industry, however, the time spent consulting with David Carson and AAMC has produced the definitive education piece. I loved the answer when I asked how

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BID was being viewed by FBAA Brokers: “The Government has provided us with an absolute point of difference – Brokers must legally deliver on clients’ Best Interest. Banks don’t and never will.”

It is my absolute pleasure to welcome Clive Kirkpatrick to the Board of FBAA. Clive brings over 30 years industry experience to our Board. He is passionate and eager to use his knowledge of lending, broker relations and industry management to benefit FBAA members. I am sure he will be an asset as we design the best way for FBAA to deliver quality and relevant services to our members and the greater industry.

Over the coming three months we will be seeking your feedback. This is your opportunity to help design the FBAA Services Delivery Model to take us through and out the other side of COVID-19. One thing is sure, we will not be able to go back to the “old ways” of business interaction. The challenge is to deliver what you need, easily accessed and at no cost or minimal cost. This will be your opportunity to have input into the future of FBAA. As always, we could not serve our members without the tremendous support of our sponsors, the majority remaining through the pandemic period. A few have closed or reduced their offering and we look forward to the day when you find your pivot and return.

Best wishes to all as you continue to build robust and sustained broker businesses.

Tony Carter Chairman

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Industry Update Doing Your Best FBAA Managing Director Peter White AM takes us through the latest industry news, from best interests duty to digital verifications, our global involvements and a reminder to keep your own health, both mental and physical, a personal priority.

Doing Your Best BEST INTERESTS DUTY The best interests duty (BID) is certainly the all-encompassing conversation that dwarfs just about any other conversation in our industry at present. Although the FBAA is very supportive of this legislation, and believes a BID is a great thing for the industry, we do also acknowledge that it has its failing. We continue our advocacy for industry by voicing this concern with the intention to remedy this issue before the BID’s January 2021 roll out. Read more about the Best Interests Duty in our feature story on page 20.

DIGITAL VERIFICATIONS A pain point for many brokers today is working with lenders who are determined to play in the dinosaur era. We are aware that there are still lenders who don’t allow you to digitally sign a mortgage document, and instead insist on using a postal service. This service can take weeks. We are aware of at least one example of a document being posted from one Melbourne suburb to another, and took a detour through Adelaide first.

FBAA Victorian state president Bernard Desmond is passionate about elevating this process into the modern age of digital documents and digital verification. Bernard has been running a petition to get this changed, and we have fully supported his action. We have also spoken out in media with Bernard about this, and off the back of that media appearance have had conversations with various lenders looking to make changes.

Our conversations have had an impact.

Peter White AM Managing Director

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We expect to see changes in late 2020 or early 2021 with a greater number of lenders allowing mortgage documents to be both sent and signed digitally.

IMBF The International Mortgage Brokers Federation remains active, via virtual conference, and has become a helpful two-way street for many countries’ brokers working through this ‘new normal’. My involvement in these meetings affirms my opinion that the Australian broking industry has fared very well through this global pandemic.

MENTAL HEALTH MATTERS As this edition is published, Victoria had commenced the road to reopening the state.

We’re conscious of the additional stress and burden that Covid has put on brokers, across Australia, and the impact this stress can have on mental health. Please know that the FBAA is here to support you, and connect you with any additional help you require.

PHYSICAL HEALTH MATTERS On a personal note, I recently underwent cancer surgery for skin cancers located on my face.

Please take my experience as a reminder to take care of your personal physical health also. The Australian sun is harsh and often does damage without us even realising it. Be sun smart, take care of your health.

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Aggregator News The Future Is: Online Commissions Management We all dream of a simplified commission management system with proven productivity gains for aggregators, lenders, and mortgage managers.

In the midst of the global pandemic, industries have been pushed to innovate at rapid speed to ensure survival. The pivot to working from home has subsequently shone a light on the limitations of current business structures and services, and for the finance industry, this is no different.

The Future Is: Online Commissions Management Rapidly evolving broker expectations have necessitated a spotlight on digital services. The work-from-home environment has broken down barriers to digitisation, and competition from finance sector disruptors means the traditional financial sector institutions must evolve digital workflows for middle-to-back-office processes.

The industry must be more agile and realise that developing better digital business processes are critical to keeping up with the constantly evolving environment of 2020 and beyond.

Lenders, Funders and Aggregators have an opportunity to build trust with their brokers with accurate and on-time payments, in a period when many are concerned about job security and their short-term finances.

These changes have highlighted the severe limitations of legacy commission systems. The most impactful, is the inability to accommodate remote processing — an essential part of conducting business in 2020 and beyond.

The lack of development into streamlining the commission reconciliation process is unbelievably significant when you consider the millions of dollars lenders and aggregators process every week into brokers’ bank accounts.

Currently, the task of designing and maintaining commissions spreadsheets is cumbersome, and impossible to scale. As a business expands their payments to brokers, spreadsheets become increasingly complicated. Not only is the initial set up incredibly labour-intensive, it also leaves the system open to human error as the complexity increases.

Some suppliers are still not including a broker’s name on the statements for ease of reconciliation.

Inconsistent fields and month to month changes in the various formats of delivery make reconciliation difficult for anyone reconciling multiple statements. A standardised industry wide commission reconciliation template would make life so much easier.

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The future is a single unified ledger accessible online, which allows all users to work in the same platform regardless of location or operating system. Adopting a new platform with common industry templates puts an end to the need to modify spreadsheets, or searching through emails or folders, allowing brokers to intuitively search, find and download lender income, loan balances, book value and RCTIs at a single touch.

At Custom we’ve collaborated with commission technology company, Escientia, to create these customised workflows to simplify commissions management online and move at the speed of business in the digital age. Cloud-based, intelligent solutions that will deliver seamless experiences throughout the financial services enterprise and remove known pain points. The Assist Broker solution enables employees to get work done faster and more intuitively.

Now is the time to pivot the mortgage broking industry into the digital, remote-work future, with the spotlight on innovating the commission management process, and at Custom, we really think we have nailed it.

David Haythorn CEO – Custom Equity Group

We are one of the country’s few non-bank owned national mortgage aggregation groups run by brokers. Our mission is simple: To give our Broker Members a platform to make them more productive and successful. When you join Custom, you get access to people, systems, lenders, and insights that help you be better at what you do.

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Send International Payments Survey The recent survey of FBAA members provided some interesting insights into the multicultural diversity of FBAA members and their clients, and revealed that the vast majority of brokers had some exposure to overseas payments.

The survey showed approximately 80% of FBAA members or their immediate network have transferred money overseas, which is perhaps not surprising given that nearly half of Australians or their parents were born overseas. The latest census also suggested foreign-born Australians are statistically more likely to purchase a property and take out a mortgage, so again it is logical that brokers would regularly see funds sent from overseas to assist with property purchases.

More than 80% of brokers indicated they would like further information in relation to International Transfers and the opportunity to earn commission on successful referrals. Ian Cragg, co-founder of Send, notes: “We were delighted with the broker response and their willingness to engage with this new product offering”.

The survey also revealed that a large number of brokers had provided a loan to a foreign national, non-resident or expat residing in Australia, although over 40% of brokers were unaware of how the funds arrived in Australia.

Do you know if your clients used a bank or foreign exchange specialist for the transfers?

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While the survey indicated that traditional banks still dominate the space, there is a growing acceptance of non-banking alternatives such as Send.

“Clients have recognised for some time that banks do not offer market-leading pricing,” continues Cragg, “and this is gradually becoming a factor for them when considering international payments and exchange rates.”

Accordingly, approximately 60% of brokers in the survey were aware that banks still applied very high margins with this product.

Did you know that your clients can lose up to 5% of their money in their exchange rate conversion when transferring it with a bank, and also incur large fees?

Interestingly, in a response that reflects mortgage brokers’ broader exposure to SMEs , more than 60% of brokers had lent to clients in the import/export sector.

Do you have any business clients or SMEs that import or export?

WINNER! All participants in the survey were entered into a prize draw whereby Send will pay the member’s annual FBAA membership fee.

Thank you!

We are thrilled to announce that the winner of the draw is Melanie Wiseman of Budgetnet.

Send would like to thank all FBAA members who participated in the survey and, in particular, the many brokers who have become affiliates.

If you would like further details, or would like to enquire about becoming a Send affiliate, please contact our partnership team by emailing broker@sendfx.com.au

IF YOU HAVE SME OR RETAIL CLIENTS WHO TRANSFER FUNDS TO OR FROM AUSTRALIA, CONTACT SEND TO DISCUSS HOW YOU CAN EARN COMMISSION FOR INTRODUCTIONS

1800 982 418

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GET BROKER FIT – R U OK? DAY MORE RELEVANT THAN EVER “One of the best sessions I have attended.” That’s the consensus from the FBAA’s annual mental health event on September 10, 2020.

Held in a year which, according to FBAA Managing Director Peter White AM, has delivered “more challenges than most people have experienced in a lifetime,” the seminar was held digitally, with a range of wellness and mental health speakers to help participants unlock their potential.

EDITORIAL

Mortgage broking can be a high-pressure business, which can take its toll on mental and emotional wellbeing. This year’s event was especially devised to connect the industry in support of one another, a focus that has become heightened during COVID-19. For Peter White, R U OK? Day holds a special place in his heart since he became an industry ambassador for the program five years ago.

“I could see what was happening to colleagues and friends of mine with depression and anxiety, and the way they were being treated and looked upon because of this,” shared Peter. “We’ve turned what was almost a taboo conversation into something that is commonplace and readily spoken about throughout the entire industry. It’s important for all of us to remember that it’s OK not to be OK.” More than 700 people registered for the morning and afternoon sessions with the opportunity to watch it back on the FBAA YouTube Channel.

“It’s important for all of us to remember that it’s OK not to be OK.” - Peter White The Hon. Greg Hunt, MP, Minister for Health gave the keynote address. He said building a culture that allowed people to reach out to each other and seek help was vital to support the four million Australians who faced mental challenges each year. Story continued on page 18.

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EDITORIAL For many Australians, 2020 will be remembered as the year that commenced with devastating bushfires, followed by the impact of a global pandemic and a global recession. The resulting stress on individuals has been enormous. “We must take care of each other and work together to save lives and protect lives,” he said.

Renee Blethyn, National Partnerships Manager at event wellness sponsor Suncorp, and the event’s MC, explained that the Get Broker FIT program had been designed to offer tools and practical information, not only for FBAA members but their families, industry colleagues and customers.

“It’s important to protect what matters, which is you, your mental health, your wellbeing, your physical fitness and resilience,” she concluded.

The program commenced with R U OK? Day Ambassador Stephen Dowling taking participants through the four steps needed for starting an R U OK? conversation that is always relevant.

It is important to: • Ask R U OK? • Listen • Encourage action • Check-in.

Rebekah Smith, Principal at Smith and Wellness, outlined the need to be mentally FIT. Her company’s programs are based on neuroscience and psychology research and include a buddy system to stay connected and share learnings with others.

The last session was led by Ash Playsted and James Veigli from The 10x Broker Team, who conducted a Broker Business FIT Workshop, focused on not burning out in these challenging times.

Response to the event was heartfelt and enthusiastic. “Thank you… one of the best sessions I have attended… I have (already) put changes for my business in place,” wrote consultant Stuart Bell. For Frank@Trailminders: “The FBAA team have done it again – well done! … A broker’s true potential can only be unlocked through application of systems and support structures… This year’s R U OK? session was packed with practical stuff.”

Suncorp sponsored the event in association with R U OK?, Beyond Blue, Smith & Wellness and The 10xBroker.

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BEST INTERESTS DUTY: THE GOOD, THE BAD AND THE BEST As the mortgage broking industry prepares for the best interests duty to come into effect January 1, 2021, we look at the opportunities this legislation will bring, the logistics of delivering on our new statutory obligations and the hidden tripwire we need to know about – before we take our first step into this new landscape.

The key agenda item for brokers through 2020 has been the imminent best interests duty (BID) legislation. Set to take effect January 1, 2021, the new statutory obligations demand comprehensive record keeping and a ‘best interests’ filter to determine every customer interaction a broker offers. For many brokers, their customers’ best interests have always shaped recommendation. Still, the stakes are high when it comes to getting it right come January because a single breach brings with it a maximum penalty of $1,000,050.

COVER STORY

“CUSTOMERS WILL FEEL MORe CONFIDENT COMING TO A BROKER with THE KNOWLEDGE THAT WE ARE OBLIGATED BY LAW TO DO THE RIGHT THING

BY THEM.” – TANYA MEHINAGIC

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COVER STORY NOTHING TOO DIFFERENT FOR MOST BROKERS For most brokers, placing the customers’ best interests front of mind is no great departure from existing practice. It’s an industry centred on customer service.

Tanya Mehinagic, Principal at Astute Financial Mount Ommaneyl, has been a broker for eight years. She is confident the transition to operating under BID will be smooth as her existing process involves analysing the customer’s financial situation, providing education and gathering relevant supporting information to analyse and make a suitable recommendation.

“Not much will change with our process when best interests duty is rolled out, as this is something we have followed for the better part of three years at Astute – we always operate in the best interest of the client,” says Tanya.

The objective of the best interests duty legislation is to ensure that when brokers assist consumers to apply for a mortgage, the consumers get good information and end up in the product that best suits them.

A broker’s main obligations under the BID are to: • explore the consumers’ requirements and objectives – not just what they tell you they are, but your assessment of what they should be based on what they are trying to achieve and what they value; • explain the key features of products to help educate the consumers to make informed decisions; • consider whether the consumers are eligible for any Government grants or schemes; • consider multiple products; • clearly show that product cost is considered as an important aspect of product selection; • demonstrate appropriate weighting of product features and other factors and not give disproportionate weight to certain features; • give priority to the consumer’s needs and demonstrate that your assistance was not

• •

•

impacted by any conflicts of interest such as remuneration or relationships; consider whether any additional products bundled with the mortgage are also in the consumer’s best interests; record your reasons why certain possible options were not recommended (particularly where they are lower cost products or where they appear to be a more logical recommendation); demonstrate what product you ultimately recommended and why

It is not enough merely to do these things though, each of these duties must be able to be demonstrated as completed through comprehensive record keeping. As a mortgage broker working under the BID legislation, your records should be detailed enough that any person could pick up any consumer file and understand: exactly what the consumer wanted; what products you as the broker considered; what products you short-listed; what products you excluded and why – particularly where you excluded any that may have appeared most suitable; whether you recommended a product that the consumer wanted or thought was best for them; whether you recommended something different and why you recommended it; and what product the consumer ultimately applied for.

“The main thing that has changed is not the way I do things, but the customer’s knowledge that they are protected,” says Tanya. "My aggregator, Astute, have had a very strong compliance process for a number of years, with a focus on providing our clients with comparisons, a record of the interview and diversification. Our Astute Credit Proposal details the journey of the customer from what they require to the analysis that we undertake as their broker and then the recommendation that is best for their needs and situation.

“Personally, I don’t think there will be a marked change in the way we do things.” Story continued on page 26.

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Nathan Vecchio, Mortgage Broker at Hunter Galloway, says the adjustment will depend on each broker’s existing processes. “I can see it may be challenging for some brokers out there who aren't prepared as it does involve extra compliance work and note taking,” he says, emphasising that now is the time to start reviewing your processes to get them BID ready and practice good record keeping.

“While some of the industry are saying most brokers are already completing BID obligations, in the best interests world we need to make sure we are more stringent with comprehensive note-taking, clearly articulating the product options we recommend to our customers and how these recommendations are in the consumer’s best interest.”

For Nathan and his team, adjusting to BID means overhauling their internal processes. “What was a simple post-settlement phone call from a customer asking if they should stay with their current bank and fix a rate for two years or look elsewhere, now falls under BID. We cannot be sure it is in their best interests to stay with their current bank without reviewing their situation and the market.”

Maree Blakemore, Finance Specialist Mortgage Broker at SW Brokerage, formerly Statewide Wealth

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“IN THE BEST INTERESTs WORLD WE NEED TO MAKE SURE WE ARE MORE STRINGENT WITH COMPREHENSIVE NOTE-TAKING AND CLEARLY ARTICULATING THE PRODUCT OPTIONS WE RECOMMEND.” – NATHAN VECCHIO

Group, has been trialling her new BID-compliant record keeping processes with her aggregator since September and estimates the additional detail for her records requires only 30 minutes more work.

“I do believe the majority of brokers are already doing the right thing in finding out the client’s needs, but maybe aren’t yet capturing that information and recording it sufficiently on the customer file,” says Maree. “Every week our aggregator is helping us get comfortable using the platform so that they can pick up anything we’re not doing or doing wrong before January 1.”

COVER STORY

Broker Magazine

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COVER STORY

STRENGTHENING THE BROKER POSITION Of course, the best interests duty does not apply to lenders who promote their own products or to employees of lenders, because, how could it? This creates an uneven playing field between lenders and brokers since a lender can recommend their own product without having to think about whether their product is competitive or in the customer’s best interests. From the FBAA’s perspective, which we know many of you share, this distinction actually strengthens the broker position.

“I welcome this legislation,” says Tanya, “it means the customer is guaranteed that I am operating in their best interest and have legislation protecting their rights. I think that, with the legislation not covering bank processes, it will lead to growth in the broker space. Customers will feel more confident coming to a broker with the knowledge that we are obligated by law to do the right thing by them.”

Nathan agrees. “I see the best interests duty as positive. We should be advertising the fact we are legally obligated to act in our customers’ best interests — especially when you compare our services to a bank.”

“Brokers have so many more advantages over bankers,” adds Maree, who worked in major banks for 35 years before becoming an independent broker. “Banks have one set of products, whereas we have many, which gives brokers the capacity to better fit a loan to the customer. We now have a piece of legislation that says it’s not only our promise that we put the customer first, but our legal obligation. I also see the BID as alleviating any potential for miscommunication between broker and client, which will strengthen the relationship. I think the best interests duty will turn us into relationship managers as opposed to brokers who write loans.”

IMMENSE OPPORTUNITY Nathan says he and his Hunter Galloway team are using the BID as a way to evolve their business and make an even better consumer product. “Education has always been a key component of how I help my customers, but now with BID we need to document and show how we educated our consumers, and how this will ultimately help make product choices in their best interests.”

For Maree, being part of a broker partnership group, SW Brokerage, has been a good career move for her ahead of the new BID legislation. “Where the industry’s going, and being an independent broker, it’s beneficial working as a team,” says Maree. “We have access to shared knowledge, professional support and while brokers tend to know 9-10 banks well, we, collectively, have 33 on our panel. With the BID coming, looking across a broader panel is important for recommending the best product for a customer.

“We have developed a new financial portal to assist us with BID,” continues Maree. “The SWB Money Hub helps us get a better understanding of our clients’ needs and expectations.”

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“THIS BID WILL TURN US INTO RELATIONSHIP MANAGERS AS OPPOSED TO BROKERS WHO WRITE LOANS.” – MAREE BLAKEMORE

COVER STORY TRIPWIRE IN THE SAND “The BID is a great thing for our industry — it will strengthen our position and create growth in market share for brokers in the future,” says FBAA Managing Director Peter White. “However, regardless of how bullish I am about the positives, there is a real failing within the best interests duty we must acknowledge.”

The issue, explains Peter, is around applying the best interests duty to bundled products.

“With a product like a credit card, there are no specifications, no optics whatsoever, given by the lender back through the broker marketplace, whether that credit card is stand alone or bundled to a product. A broker can't say whether the credit card component is good, bad or indifferent because the broker doesn't have any information to make that determination.”

Initially, it was agreed by government and industry that, when applying a best interests duty to a bundled product, the best interests duty would apply to the predominant debt which 99.99% of the time is the home loan. However, when the RG273 came out, ASIC had changed that to require the BID be applied to each product within a bundled product.

How do you apply a superlative like “best” to something as complex as a credit product that has many features and benefits that all need to be balanced out and where every combination of price and features changes the final outcome? Is “best” the lowest rate? Is “best” the most flexibility?

What is “best”?

“We have challenged ASIC on this, and asked how they, as our industry regulator, expect brokers to deal with this when just about every home loan through a bank has a credit card attached to it,” offers Peter. “Our concern is that come 1st of January 2021 brokers writing those loans will be in breach of the best interests duty because they can't apply a measure to those products.”

MKN Legal

. . . . .w e k n ow convey a n c i n g . . . . .

As brokers are acutely aware, the maximum penalty for breaching the best interests duty is set at $1,000,050 per breach.

“This is the best interests duty’s Achilles heel,” says Peter. “Even some of the greatest industry minds are still grappling with this particular piece because the issue isn’t obvious. It’s a ‘tripwire in the sand’ — you can't see it, and you'll fall flat on your face when you hit it. How many brokers in Australia can deal with a million dollar fine?”

Currently, the lender system doesn’t disseminate the information on credit card products to brokers, which means the aggregator system doesn’t either. It would take time and money to convert these systems. Tanya and Maree agree there are question marks hanging over this piece within the BID legislation.

“The number of variances and availability of information on credit cards from lenders really restricts our ability to determine whether a credit card is in the best interest of the customer, separate to the home loan,” says Tanya. “The consideration of credit cards as part of a home loan application hasn’t historically been part of our assessment process, apart from in servicing, and is usually managed by the lender. It would be great to see some further guidance in this area — we’re limited in terms of information in order to make a proper assessment around ancillary products.”

“I think the onus has to go back on the bank,” adds Maree. “I’m hoping the regulators look further at this issue before January.”

FBAA ADVOCACY CONTINUES Currently, much of the FBAA’s conversation with government and industry regulators sits around bundled products. “This piece around bundled products is the tripwire in the sand that almost noone has seen,” says Peter. “The best interests duty is a great thing — it will create growth in market share for brokers in the future, but it’s going to take a lot of work to get this bit right.

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“IT CREATES A ‘TRIPWIRE IN THE SAND’ – YOU CAN'T SEE IT, AND YOU'LL FALL FLAT ON YOUR FACE WHEN YOU HIT IT.” – PETER WHITE

“We have been dealing with ASIC and the federal ministers to try and sort this issue out before January, however, my gut feeling is that it’s highly likely nothing will change, so there will have to be a component of the BID with an amnesty or a deferral period because brokers will not be able to meet the measure — it will be impossible.”

The FBAA will communicate developments around this discussion as progress is made.

GET BID READY WITH FBAA To prepare brokers for the best interests duty, FBAA has developed the Get BID Ready campaign.

Along with a quick-reference download document that covers off the essentials, the campaign includes a comprehensive educational webinar program that will launch late October and navigate brokers through the changes and requirements to meet new BID compliance obligations. The FBAA education series will be run by independent professionals in the industry; regulatory advisor

to the FBAA, Dave Carson, and international registered training organisation, AAMC. The training component consists of a one-and-ahalf-hour webinar, then a roughly one-and-a-halfhour knowledge test. Participants will receive a certificate of completion as well as a best interests duty compliance toolkit, which Peter says is unlike anything else available in the Australian marketplace today.

“When I started out as a a broker, I relied heavily on the FBAA for information, industry changes, industry standards,” recalls Maree, “and I am doing the same with BID training. My aggregator and the FBAA are doing a fantastic job of preparing us for BID. I feel confident about January 1.”

To access the Get BID Ready with FBAA toolkit, turn to page 31.

Exclusive deals for FBAA members

Evening and weekend classes Receive 15% discount on the following qualification courses •

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It’s been the talk of the town within the Industry and we all know it’s coming, so FBAA has geared into place with the experts in the game to prepare you for the new laws that come January 2021.

FBAA ARE HERE TO ASSIST YOU WITH...

The ONLY independent internationally renown RTO and Regulatory Expert Lead Digital Education and Knowledge Testing Course available to the industry - Coming this October!

Upon completion of the Digital Education and Knowledge Testing Course, receive a Certificate of Completion and the only regulatory expert-written BID Compliance Pack.

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GET YOUR BID ALL YOU NEED TO KNOW GUIDE!

OBJECTWIVEBINARS ANDERE SOURC ES

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What do need to you do?

All You Need To Know!

‘YOU R YOUR JOB AS A BEST CUSTOME MORTGAG RS E SUITS THEM INTO TH BROKER ISwith E PRO .’

DUCT TO PUT THAT

Verify Your Customer’s Identity Using INSTAid+ One of the first steps for all conveyancing and mortgage broking matters is to verify the identity of both parties. Unfortunately this can often be a slow and laborious process that delays the transaction and can be frustrating for all involved.

If this sounds familiar, you’ll be pleased to hear that InstaID+ combines the efficiency and ease of technology with the accuracy of online ID verification databases to speed up the verification of identity (VOI) process. InstaID+ is a wholly digital platform that allows you to verify the identity of buyers quickly and easily using online databases.

InstaID+ will confirm that the buyer is a real person and therefore a legitimate purchaser for the property.

InstaID+ will verify that the buyer is indeed the person presented in the identification.

This can often be difficult to gauge in online transactions but InstaID+ will make this process easy to manage and completely secure for both parties.

InstaID+ will confirm that the buyer is active or ‘live’ throughout the purchase — minimising the possibility of identity fraud and cyber crimes being committed in your transactions.

InstaID+ will verify the buyer’s identification against trusted and independent verification sources, e.g. Australian Government Document Verification System, Jumio for document verification of IDs from over 80 countries, and the Australian Government Department of Home Affairs to verify immigration and visa details.

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Broker Magazine

EDITORIAL

Pinksterboer Property is a specialist conveyancing and property development firm based in South Australia, focused on surveying, land divisions and conveyancing. The firm began using InstaID+ in July 2020 and is enjoying the efficiency and flexibility it provides to the business.

Prior to introducing InstaID+, they relied on a manual and time-consuming process of scheduling an appointment with the client to visit their office to provide ID and sight the necessary documents.

Due to the restrictions in place during COVID-19, this process took on another difficult dimension so they looked for another solution. They found InstaID+.

Now the file managers at the firm use InstaID+ to send a link to their clients. The clients then upload their ID to the app and confirm their identity digitally. Staff are able to see the results of this verification on the platform and quickly assess whether to accept or reject the buyer as eligible for the transaction.

“It’s such a quick and easy process compared to arranging a time for clients to come in, which can often be difficult depending on a client’s availability, as well as the associated time taken to greet them and conduct the VOI. “With InstaID+ all we have to do is send the link and the clients have the flexibility to complete their VOI when it suits them, like after-hours or on the weekends. We’re really enjoying the efficiencies and flexibility that InstaID+ offers us and our clients,” File Manager Jess Atanacio says.

InstaID+ has sped up the VOI process for Pinksterboer Property by almost 20% and has offered increased flexibility to their clients. This all while ensuring the transaction is completed on time and to the satisfaction of both the business and their clients.

If you’d like to enjoy the same benefits of InstaID+ at your business, forget the tedious paper-based VOI process of the past and enquire now about InstaID+ for convenient VOI.

International

MEN’S DAY Thursday 19th November, 2020

Men, dust off your Hawaiian shirts and get ready to RUMBLE! We haven’t forgotten about you.

International Men’s Day is coming up in November, so grab your mates, some nibbles and a cold beer as you listen to some hot topics.

For those that can, gather a group or tune in from the comfort of your home for an agenda like never before with inspirational speakers within the health space.

Keep an eye on your emails and socials for registration information to follow in October.

Independent research proves

MORTGAGES & KEY LIFE EVENTS ARE TOP REASONS TO PURCHASE FINANCIAL PROTECTION ...BUT, THEY A NEED PROMPT FROM YOU! Top 4 reasons consumers buy personal risk insurance1 43%

Starting a family

35%

Purchasing a home

Under 40’s are the largest buyers of personal risk insurance from direct channels incl. mortgage brokers2

9% 11%

18-29 years

28%

20-39 years 40-49 years

13% 38%

34%

28%

Major financial change

Getting married or partnering up

Being asked is the most important trigger1 Prompted by agent

30%

Marketing materials

15%

50-59 years 60+ years

Advertising

11%

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A cut above Pepper Money CEO and FBAA member Mario Reyahem has been named the top individual fundraiser in 2020 for Leukemia Foundation’s World’s Greatest Shave, after showing he cares by shaving off his hair.

Raising an impressive $37,242 towards the World’s Greatest Shave in 2020, Pepper Money CEO Mario Reyahem willingly took the clippers to his hair in front of his North Sydney office-based team, and live streamed the head-shave to Pepper Money offices in Australia and New Zealand.

The World’s Greatest Shave is the Leukaemia Foundation’s primary fundraising campaign, raising funds and awareness to support Australians living with blood cancer. Each day, 41 Australians, of all ages, are diagnosed with blood cancer.

Mario’s fundraising achievement is enough to provide more than 900 families with emotional support to overcome the initial shock and stress of a blood cancer diagnosis, as well as funding a major blood cancer research project for more than three weeks and giving two families one week’s free accommodation when they have to travel from a region to a capital city for urgent blood cancer treatment.

To show his support for the 110,000 Australians currently living with blood cancer, as well as those within the Pepper family who have been

affected by some form of cancer, Mario put out his fundraising campaign to the finance and property industry. Australian Finance Group (AFG), NextGen. Net, Better Mortgage Management and Resimac were among the companies to back Mario in his fundraising effort. Industry individuals also supported Mario, including Aussie CEO James Symond and NAB’s Bill Constantinidis.

Coming in a close second place in the individual fundraiser category for 2020 was Graham Mirabito, who raised $35,017 for World’s Greatest Shave 2020, his eleventh year involved in the fundraiser.

Many FBAA brokers would recognise as former RP Data/CoreLogic International CEO who is now a board member for Genworth Mortgage Insurance Australia.

Mario and Graham’s combined fundraising campaigns total $72,259, which is enough: • To provide 1800 families with emotional support to overcome the initial shock and stress of a blood cancer diagnosis; • To provide six months of research laboratory costs to help more people survice blood cancer and live their best life; and • To provide at least four regional families with one week’s free accommodation each when they must travel long distances from home for urgently needed blood cancer treatment in a capital city.

Over the past decade, incidence of blood cancer has grown by about 30%. Late last year, the Leukaemia Foundation released the State of the Nation: Blood Cancer in Australia report, which identified that by 2035 the incidence of blood cancer will more than double, from 110,000 Australians today to 275,000 in 2035.

Leukaemia Foundation General Manager of Supporters Rachael Lance congratulated all top fundraising individuals for their World’s Greatest Shave efforts.

“We know that blood cancer is a significant problem in Australia. It doesn’t discriminate, it can develop in anyone, of any age, in any territory and at any time. Unlike other cancers, there are no screening programs available and no way to prevent a blood cancer through lifestyle change,” says Rachael.

The Leukaemia Foundation is preparing for a shortfall in fundraising this year, with a number of community fundraising events being compromised or cancelled due to COVID-19.

“Thank you to everyone who has already taken part and is continuing to participate in World’s Greatest Shave for your support and generosity.

Your brave acts of shaving, cutting and colouring your hair make a significant difference to Australian men, women and children living with blood cancer,” offers Rachael. “Thank you for helping to ‘shave’ the world from blood cancer!”

To sign up for World's Greatest Shave 2021 or support someone who has, visit worldsgreatestshave.com.

Exclusive Benefits for FBAA Members Finance brokers have always been highly mobile; whether working from home or out visiting clients. The COVID-19 environment has made this set-up even more unpredictable.

MOVOX, a unified communications technology provider, has been supporting FBAA since 2015 as the exclusive supplier of phone and internet services. MOVOX understands the communication requirements of the finance broker industry and provide expert advice and solutions so you can communicate seamlessly from the office, at home or on the road.

Traditional PBX vs a cloud-based phone system If you’re wondering how to make your business phone ring at home, on your mobile or your PC using one phone number, deploying a cloud-based phone system is easier than you might think.

A traditional on-premise phone system is a box that would sit in your office somewhere connecting phones to the outside world. However, they require a phone line for each simultaneous call and adding new phones and maintenance usually requires a technician to visit onsite at a hefty cost.

Today, cloud-based technology means businesses can replace outdated phone hardware. A cloudbased phone system does not require onsite PBX hardware and avoids maintenance costs.

Cloud-based phone systems can help workforces be more productive as their desk phone can follow them, take messages, email them and conference them. Phones connect over the Internet so incoming calls can be answered anywhere in the world and outgoing calls appear as though they are dialled from the office phone number.

EDITORIAL

MOVOX’s Cloud PBX is hosted in “the cloud” at secure data centres throughout Australia. You can add additional handsets effortlessly as your business grows, from one to 100s of phones and without requiring additional phone lines — just plug in another phone.

MOVOX also provide a mobile application that allows you to manage your Cloud PBX phones, call forwarding, after-hours settings and listen to voicemail messages from anywhere.

Softphones A softphone is a software application available for Mac and Windows computers or laptops or as a mobile application for iPhone and Android devices. They provide the same functions as a physical telephone handset by presenting an on-screen keypad and interface for call features such as mute, hold, and transfer.

Softphones connect to MOVOX’s cloud PBX over the Internet or if using a mobile softphone, over WiFi or mobile 3G/4G data connection. Essentially, softphones are another extension of your cloud PBX and use the same phone number, so you can answer incoming calls and make outgoing calls, on your mobile or PC, just like you were sitting at your desk — from anywhere in the world.

If you’re planning to use a softphone on your computer or laptop, you’ll need a suitable headset.

And if you’re using a mobile softphone please ensure that your mobile phone plan includes sufficient data allowance.

Conference calls Once exclusively available to the big end of town, conference calls have come a long way. Expensive equipment and dedicated landlines are no longer needed. In this COVID-19 landscape, businesses can bring teams, customers and suppliers together wherever they’re located without time limits, and importantly, without excessive call conferencing charges.

Participants join modern day conference calls by calling a dedicated conference phone number and entering a PIN. With MOVOX’s conference call service, you can record conference calls, distribute recorded files to participants, archive them and play them back on your computer or mobile phone.

Now that we look to be remaining partially isolated for an extended period, you may look at ways to improve your agility and flexibility with improved remote working and reduced overhead costs via cloud-based communications.

Through FBAA’s alliance with MOVOX, members can access expert advice, exclusive offers on a range of quality products and services, including a 5% discount on your monthly phone bill.

To find out how MOVOX communication solutions can benefit your business contact MOVOX’s FBAA account manager on 1800 100 800 or visit https://movox.com.au/partner-program/alliancepartners/fbaa

Strong Aussie Dollar buoys importers and expats sending money home

By Dale Streten – Head of Corporate Partnerships, Send

MARKET COMMENTARY

The AUD has demonstrated considerable strength and traded solidly in an ascending channel. Currency exchange specialist Send has seen increased activity with Australians repatriating money to locations such as New Zealand, the US, and UK. Its data indicates this is driven by expats returning home (many as a result of the COVID-19 pandemic), offshore property purchases (from buyers taking advantage of slightly reduced property prices), and those providing financial assistance to family members.

To give an example of the significant differences over a short period of time, an Australian sending $100,000 worth of AUD to NZD received approximately 8800 more NZD at the start of September when compared to mid-March. Likewise, an Australian importer paying an invoice for USD100,000 would have been a whopping A$38,000 better off in the same timeframe.

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Broker Magazine

AUD/USD

The AUD is likely to be in a period of consolidation, and where .7000 was a prior milestone resistance level, this may transform into a key support level.

The main driver has been commodity prices, with iron ore holding an average of above USD100 per tonne since the start of June,

EDITORIAL and gold up over 30% since its lows in March. Another factor is the significant fiscal leverage at the government’s disposal, given Australia’s relatively solid financial position, with one example being the extension of the wage subsidy programmes in early August.

Additionally, the Reserve Bank has effectively endorsed the rally in the AUD — in August’s minutes, the RBA noted that the AUD’s strength is broadly in line with its fundamentals.

Reserve’s approach and messaging and, of course, the looming US election. Most notably, any Covid-19 vaccine announcement would boost equity markets and potentially push the USD forward.

AUD/GBP

The GBP remains vulnerable to any large-scale Covid-19 outbreak in the UK and also in particular to Brexit news developments, with currency softness if the pessimism over a deal continues to grow. The AUD fell below .4800 in March, however is now solid around .5500 (previously not at that point since Oct 19).

AUD/NZD

The AUD is at two-year highs on strong volumes. The rate has also stabilised above the five-year average and Send has seen high transaction levels of funds being sent to New Zealand.

SUMMARY

While the current global economic environment is volatile and subject to further Covid-19-related shock, the AUD remains attractive due to Australia’s relatively solid economic situation.

As always, the market maxim of the Aussie dollar going “up by the stairs and down by the elevator” ensures that a careful watch is required for downside risk. Send assists many FBAA brokers and their clients with exchange rate monitoring, so if you have any requirements or queries please contact us at broker@sendfx.com.au Similarly, if you have any clients selling their Australian property and sending monies overseas, this is an opportunity for you to refer clients to Send and potentially earn commission on these payments.

DISCLAIMER Combined with the statement that negative rates in Australia were “extraordinarily unlikely”, this all points to the likelihood of the RBA being in a holding pattern over the coming quarters and the AUD hanging on to the recent gains.Other factors on the horizon are the possible changes to the Federal

Details correct at the time of writing.

The information provide above is provided as general information only and does not constitute advice of any nature. FBAA and Send do not warranty the accuracy of the information provided and you should seek your own advice in relation to any products mentioned.

Check out our list of upcoming live webinars!

PROFESSIONAL INDEMNITY INSURANCE

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Our exclusive policy has been specifically designed & continually upgraded over the years to meet the particular & unique needs of the Finance & Mortgage Broking industry - indeed, we have been the appointed Insurance Brokers to the Finance Brokers Association of Australia (FBAA) Since 2000.

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Boost Your Business With A Smarter Online Platform It probably comes as no surprise – us Australians are a digitally savvy bunch. Recent research by Mozo, shows that 75% of Australians in 2020 are doing their banking via an app, smartphone or computer.

Now with COVID-19 also completely transforming the way we live and work, providing a seamless online experience for clients is even more critical.

What does this mean for you and your clients?

Getting a home loan can be a stressful, frustrating and time-consuming experience. Many lenders are still heavily reliant on paperwork which can often lead to lengthy processes. As a broker, it can be difficult to keep loan approval times short and meet your clients’ service expectations. With multiple lenders in the market with different systems and capabilities, it’s also difficult to provide your clients with a consistent experience across all lenders.

Say hello to Nimo!

Nimo is an online lending platform that enables you to service your clients online. The home loan application is easy for them to complete, collects their information in minutes and leads to reduced approval

times. It enables a simple translation of information from the client to the lender that is accurate the first time. When connected to an aggregator’s CRM, you don’t need to lodge the application manually, which improves credit quality, data accuracy and speed. Nimo is built to support NCCP Responsible Lending compliance obligations and uses encrypted systems offering up to bank-level security to protect customer data.

Get online overnight It takes no time to get plugged in and up and running.

The platform is white-labelled and integrates with existing infrastructure so there is no need to spend time or money on development costs to get started.

There are a number of different packages available through a monthly subscription. Find out more at nimoindustries.com/FBAA Mozo reference: https://mozo.com.au/neobanks/articles/ neobank-2020-report-digital-banking-in-a-new-decade

By Peter Jones - CEO of Nimo Industries

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How good or bad is our economy?

By Peter Switzer - Switzer Financial Group

You don’t have to be Treasurer Josh Frydenberg to work out that our economic outlook has been negatively affected by the irresponsibility of the testosterone driven security guards in Melbourne’s quarantine hotels. The human life cost will be unforgettable and measurable.

The economic cost is much harder to determine.

EDITORIAL

We know both consumer and business confidence were severely checked by the resultant lockdowns across Victoria and border closures. As Victoria makes up 22% of this country’s GDP, this drama will extend the recession into the September quarter — and make it more likely that unemployment ends up with a 9% plus reading, instead of 8% plus!

But it’s not all bad news. Reports indicate only 25% of WA businesses that needed JobKeeper support will retain this when the new rules apply from October. That means 75% of businesses that suffered a 30% plus fall in revenue, no longer believe they’re as badly affected. I hope these numbers prove to be right.

And now for the negatives: •

•

•

Those recession numbers, with the June quarter down 7%. The consensus was 6%, so it shows how scared we were in April and May before JobKeeper and JobSeeker kicked in, and restrictions (as well as infections) eased.

NAB business confidence improved from minus 14.2 points to minus 8 points in August (longterm average is 5 points) but it’s still negative.

The business conditions index fell from minus 0.3 points to minus 5.8 points (the long-term average is 5.2 points).

The services PMI was down from a record high of 58.2 (since records began in May 2016) in July to 49 in August.

In August, 60,986 new vehicles were sold — the weakest August sales month in 23 years — to be down 28.8% in August 2020.

But let’s get more hardcore and look at the numbers, good and bad, that might give us a clue about our economic future.

•

So here goes for what looks positive:

You can see the positives in these numbers and if it wasn’t for the Victorian issue, we’d have a much more positive economic outlook.

•

The game changer will be the arrival of a vaccine, as this will help open up borders and permit greater strides towards normalcy. This will unleash a solid economic expansion, so pray for a vaccine ASAP.

•

•

•

• • •

• •

48

The Westpac Index of Consumer Sentiment rose 18% in September.

The weekly ANZ Consumer Confidence Rating rose by 1% to 91.1 (long-run average since 1990 is 112.7). Confidence has lifted in three of the past four weeks.

The value of home loans is up 8.9% in July, after a 6.4% rise in June (consensus: up 2%).

Biggest back-to-back increase in home loans in 18 years. First homebuyer numbers at a 10.5 year high.

Aussies took 5.41 million domestic trips in June, up 2.36 million from May. The number of nights spent interstate or intrastate totalled 18.47 million in June, up from 11.95 million in May. Retail rose by 3.2% in July (consensus: 3.3%), after up 2.7% in June. Retail trade is up 12% over the year.

Exports to US: a record $18.65 billion in the year to July.

Building approvals for new homes rose by 12% in July (consensus: minus 2%), lifting from 8 year lows. Approvals are up 6.3% from a year ago.

National home prices fell by 0.4% in August but were still 5.8% higher over the year.

SMEs with revenue declines over 30% have reduced from 57% in July to 45% in August — best reading since the pandemic.

Broker Magazine

Here’s the best news I saw this past week, and it’s not economic — “Pfizer’s CEO Albert Bourla said on Sunday that a coronavirus vaccine could be distributed in the U.S. before the year-end.” (CNBC)

LISTEN NOW

STATE 2020

Christine Green

Nick Wormald

Queensland - State President

New South Wales & ACT - State President

Liberty Network Services Mobile: 0434 338 584 Email: qld@fbaa.com.au

Grow Capital Mobile: 0488 810 555 Email: nsw@fbaa.com.au

Bernard Desmond

Trent Carter

Victoria & Tasmania - State President

Western Australia - State President

Director Feedback Finance Pty Ltd Mobile: 0499 888 666 Email: vic@fbaa.com.au

Director Provident Lending & Business Solutions Mobile: 0448 773 310 Email: wa@fbaa.com.au

Joff O’shannessy South Australia & Northern Territory - State President Director Finance Opportunities Mobile: 0419 820 149 Email: sa@fbaa.com.au

Would you like more information on an FBAA event or PD Day thats happening in your local area?

Maybe you have some feedback or an issue you would like to discuss?

Finance Brokers Association of Australia Street: Level 1, 116 Ipswich Road, Wooloongabba Qld 4102 Post: PO Box 177, Coorparoo Qld 4151 Phone: (07) 3847 8119 Email: info@fbaa.com.au Web: www.fbaa.com.au

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Broker Magazine

Exclusive deals for FBAA members BMW Corporate is not just about making it easier to own a BMW. It’s about enhancing the whole driving experience. Representing significant value, BMW Corporate is a great way to lower the cost of ownership and enjoy exclusive benefits with the purchase of a new BMW.

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STANDARD BMW BENEFITS:

• • • •

3 years unlimited kilometre warranty.

Access to BMW Genius.

BMW Roadside assistance.

Competitive finance rates across a range of products through BMW Financial Services.

Tony Carter

Peter White AM

Director, Chair

Managing Director, FBAA Life Member

Cert IV Finance, GMQ (UWA)

MAICD

Special Responsibilities Chairman of the Board, Chair of Nominations and Memberships, Commercial Equipment and Motor, and Lender Forum Committees, Member of Governance, Finance & Risk Management, Remuneration, State Presidents, New Entrants, and Concierge Committees.

Special Responsibilities Government, Media, Strategy, Chair International Mortgage Brokers Federation, and Concierge Forum. Member of Commercial Asset and Motor, Equity Release, and Lender Forum Committees.

Experience Anthony (Tony) has been involved with the motor and finance industry for over 40 years, the last 20 as Dealer Principal/Director of 3 motor dealerships. He has been engaged with finance since early career days at AGC and was a licensed Finance Broker in WA from 2004 to 2013 ending as an ACL holder when he resigned from the motor dealership position.

Today Tony runs his own Vehicle procurement Brokerage in Western Australia – Brokerage WA. Over the past 20 years Tony has been on three NFP Boards – BIZLINK Chairman, Asthma Foundation WA Chairman, and Asthma Australia Director. In addition he served from 1997 to 2007 on Royal Perth Yacht Club General Committee rising through Flag Officer ranks to Commodore.

Principal Broker Brokerage WA Phone: 0418 911 220 Email: tcarter@fbaa.com.au

Experience Peter has vast experience in Banking and Finance spanning over 41 years. He is highly engaged with Government and Industry Regulators ensuring and protecting the future of our industry and dealing with regulatory matters of the day. His activities additionally, include representation on the Advisory Board of the Small Business Association of Australia, The Chairman of the Global Board of Governors for The International Mortgage Brokers Federation, and The industry’s passionate advocate for mental health awareness. In the June 2019 Queen’s Birthday Honours List, Peter was awarded as a ‘Member of the Order of Australia (AM)’ for significant service to the finance sector and to the community. Peter started with the FBAA in 2003 and has held past roles in the FBAA as NSW President, National Vice President, National President, Chairman of the Board of Directors, Chief Executive Officer and Executive Director.

Phone: 07 3847 8119 Email: pwhite@fbaa.com.au

CHRIS SZIGETI

KIM SZIGETI

Director, FBAA Life Member

Director, Company Secretary

AFB, Cert IV (FMB) Dip Mortgage Lending, Sec Inst, LREA, MAICD

JP (qual), DipFS, AFB, MAICD, GIA (affiliated)

Special Responsibilities Vice Chairman, Chair of Dispute Resolution Service and Remuneration Committees.

Experience Chris has been involved in the finance industry since 1975, running his own mortgage and finance business, Chris Szigeti & Associates t/as CSA Finance and Mortgages Can Do since 1983.

He started his finance career with IAC (Citibank), then 10 years with AGC, where he held senior managerial roles covering all aspects of finance including HP, leasing, wholesale, factoring, international and trade finance, mortgages and property finance. Chris was a founding member of FBAQ in 1992 which later became FBAA. He was Queensland State President (2004-2009), first elected to the Board in 2009 as National Treasurer (2009-11). Chris was admitted to the status of Life Member in 2014 in appreciation of services provided to the Association and members.

Managing Director Chris Szigeti & Associates Pty Ltd T/as CSA Finance & Mortgages Can Do Phone: (07) 5592 2635 Email: cszigeti@fbaa.com.au

Special Responsibilities Company Secretary, Chairperson of the Governance Committee and Member of the Nominations and Membership Committee.

Experience Kim Szigeti is a practising Mortgage Broker at Mortgages Can Do and has vast experience in Finance and Mortgage Broking spanning more than 27 years. Kim has attained a AAMC Cert IV in Financial Services FNS40804, AAMC Diploma Financial Services (FMBM) FNS50504, and REIQ Cert IV in Property Services (Real Estate) Salesperson. Over the years Kim has been involved in numerous volunteer positions within the community as Chairperson/co-ordinator and Secretary in those roles working with other volunteers, securing donations and organising events. She is a member of the Australian Institute of Company Directors (AICD) and the Governance Institute of Australia (GIA). Kim joined FBAA in 2005, was Secretary of QLD Council 2007-2009, and elected to the Board in 2015. She was appointed to the position of Company Secretary of the FBAA in 2017. Kim was recognised amongst Australia’s leading Woman in the Finance Industry as a finalist in the Woman in Finance Awards “Director of the Year Category” in 2018 & 2019.

Mortgages Can Do Phone: (07) 5592 2635 Email: kszigeti@fbaa.com.au

STEPHEN RASMUSSEN

RICK NIEUWENHOVEN

Director, FBAA Life Member

Director

AFB, Cert IV (FMB), B. Com (Prof Acct), MAICD

AFB, B Economics (Business), B Education (in Service), GCFP, FIPA, GAICD, Member EO, Dip FS (FMBM)

Special Responsibilities Chair Finance and Risk Management, and Equity Release Committees, Member of Governance Committee.

Experience Stephen has been involved in the finance and banking industry for more than 40 years, starting with CBA in a branch environment, and then establishing his own finance broking business in 1995, operating across retail, SME and SMSF sectors. Stephen joined FBAA in 2000, was QLD/NT State President 2009-2016 and elected to the Board in 2016.

Managing Director Tailored Lending Concepts Mobile: 0412 295 875 Email: srasmussen@fbaa.com.au

Special Responsibilities Member Finance and Risk Management, Remuneration, and State Presidents and New Entrants Committees Experience Rick Nieuwenhoven has vast experience in accounting practice and education, finance, financial planning, property investment, and mortgage broking spanning more than 15 years, and currently is a registered agent of ASIC. Rick joined FBAA in 2012, was SA State President 2013-15, and elected to the Board in 2015.

Business Owner Nieuvision Mobile: 0423 001 002 Email: rnieuwenhoven@fbaa.com.au

GUS GILKESON

ANGELO LAURO

Director

Director

AFB, Cert III I.T, Adv Dip FS (FP), Certificate IV (FMB)

AFB, Certificate IV (FMB)

Special Responsibilities Chair of State Presidents and New Entrants Committee, Member of Governance, Commercial, Equipment and Motor Committees.

Special Responsibilities Member of Commercial, Equipment, Asset Finance & Motor Committee.

Experience Angus (Gus) has spent 21 years in financial business development, product development andorigination, primarily responsible for loan origination and structuring. He has held successful roles building and running teams with domestic trading and investment banks, financial advisory firms, private lenders, mortgage and funds management and commercial finance broking. Gus has reviewed thousands of individual business and property finance applications in most sectors and has completed billions in loan settlements. Gus holds tertiary qualifications in Information Technology, Financial Advisory, Mortgage and Finance Broking.

Managing Director Grow Capital Mobile: 0423 001 002 Email: ggilkeson@fbaa.com.au

Experience Angelo has had several careers in executive and development roles across various sectors in the past 20 years with more than 10 years in finance specialising in the Asset Finance sector. Angelo has built successful businesses including one of the largest asset brokerages in Australia.

He currently is the director of a boutique aggregation Business supporting brokers across Australia and Currently works with the Commercial, Equipment, Asset & Motor Committee supporting asset brokers and Motor dealers.

Director Australian Finance Aggregation Phone: (07) 3193 9447 Email: alauro@fbaa.com.au

Clive Kirkpatrick Director BEc, MBA, GAICD, Grad Dip FP, Grad Dip App Finance & Investment

Experience A successful executive with over 30 years’ experience in banking and financial services both in Australia and offshore. Experienced in strategy formulation and execution, business management, sales management and people leadership. A generalist background with sound understanding of marketing, product development, legal and compliance supported by a MBA. Governance and directorship skills through GAICD and memberships. Specialist knowledge and demonstrable capability in distribution.

Director Kircon PTY LTD Mobile: 0439 564 885 Email: ckirkpatrick@fbaa.com.au

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