FBAA launches public push to protect Gold Coast consumers

Gold Coast finance broker David Freeman has endorsed a national campaign by the peak body representing Australia’s finance brokers that encourages consumers to use members of the association for greater protection and support.

CEO of the Finance Brokers Association of Australia (FBAA) Peter White said it was time to increase public recognition of the respected peak body, because only an FBAA member broker can offer a structured dispute resolution service.

David Freeman is the Director of Forward Thinking Finance, an FBAA member on the Gold Coast, and said that while locals already understand the benefits of using brokers, “it was now time to educate them that all brokers are not the same”.

“Not only do some people have disagreements with lenders, but we’ve recently seen some finance brokers banned by the government regulator for unethical practices,” Mr Freeman said.

Mr White said the number of people using finance brokers is increasing.

“People are aware that they receive better choice of rates and lenders as well as industry expertise, but many don’t understand the benefits and protection when using an FBAA member,” he explained.

“When you see the FBAA logo on the door of the broker, you’ll get the same peace of mind as knowing you are dealing with a CPA accountant or another professional who is aligned with, and accountable to, a professional peak body.”
He revealed that eleven brokers have recently been prosecuted by ASIC yet none are FBAA members.

“This proves the importance of dealing with an industry association that sets a high standard and is willing to put the public first.”

As well as a higher ethical standard, Mr White explained that the FBAA has the only structured dispute resolution system.

“If a customer has a dispute about any part of their loan transaction, there is a process set up through the FBAA, meaning the dispute will be independently reviewed and resolved.”

Mr White and Mr Freeman said the message when borrowing was simple – “Use an FBAA member and we stand with you.”