The Finance Brokers Association of Australia (FBAA) has stepped up it’s public campaign to protect the industry and ensure consumers continue to benefit from market competition and lower interest rates.

FBAA managing director Peter White has been meeting regularly with senior MPs from all political parties as well as independents, and this has seen some wins since the royal commission final report was handed down in February.

“The result is the Morrison Government supports leaving the current remuneration structure unchanged which is fantastic for our industry and more importantly borrowers in Australia, but there is still a long way to go.

“We want to maintain the momentum on these issues, so we have launched a public social media campaign to call for everyone to work together so we can stop these misguided recommendations from burning borrowers and brokers and hurting the economy.”

‘Don’t Burn Borrowers’ urges brokers and the public to sign the Change.org petition to save the mortgage broking industry and urges supporters to continue to write to their state and federal MPs and candidates ahead of the May election. The campaign is supported by social media advertising and promoted through various channels including thousands of brokers and other small businesses.

Mr White said much has changed since the report was handed down with many brokers initially fearing the end of the industry and what that would mean for new borrowers.

“Our politicians have made significant changes to their position which we applaud but as we head into an election campaign, brokers will continue to campaign on appropriate commission structures and a best interest duty that works for consumers and is targeted specifically for mortgage brokers.”

Mr White said brokers also want a positive review of the clawback provision and want certainty rather than another review of brokers commission in three years.

“The ‘Don’t Burn Borrowers’ campaign seeks to remind politicians and all stakeholders that this conversation is not solely about brokers or even the survival of the industry – it’s about borrowers and limiting choice, resulting in higher fees and higher interest rates, and that will impact all of us.”

Mr White said the FBAA will continue to engage with decision-makers in Canberra and elsewhere to ensure the best possible outcome for borrowers, brokers and the broader economy after the May election.