Greater accountability and further transparency for finance brokers including the best interest duty presents a unique opportunity for industry growth, and smart brokers will embrace it, according to managing director of the Finance Brokers Association of Australia.

Peter White says the industry should take advantage of the increased scrutiny to build greater trust with consumers, and believes brokers who have a positive, enthusiastic and customer-focused attitude will benefit.

He cautioned brokers not to be distracted by “white noise” and negative commentary about the sector and to be encouraged rather than disheartened in the aftermath of the banking royal commission.

“Finance brokers have been through a year where many misinformed commentators were against us, some lenders tried to exploit us for their own gain, and a royal commission didn’t get it right, yet we still command the trust and support of our clients, regulators and government,” he said.

“And the reason is simple – brokers do a bloody good job and care for their clients in a way no bank can, and consumers know this.”

Mr White said he continues to meet regularly with senior members of the Federal Government and these meetings are encouraging.

“The Government understands the important role of brokers and also knows that the worst scenario for Australia is to give more monopoly power to the big banks.

“I’m confident we will see policies that allow our industry to thrive and grow.”

Mr White says the best interest duty and any reviews won’t hurt anyone who is doing the right thing.

“My message to brokers is simple: keep acting in the customer’s best interest, be transparent, provide excellent service and ignore the inaccurate and self-serving commentary.

“Serving customers is our priority, particularly at a time when trust in the banks is still low.”