Finance Brokers Association of Australia (FBAA) managing director Peter White has announced that Irish industry association, Brokers Ireland, has joined the International Mortgage Brokers Federation (IMBF) as the newly formed federation continues to expand into more nations.

Mr White was in Ireland recently and said Brokers Ireland understood the benefits of standing together and learning from one another in an increasingly globalised market.

“The recent banking royal commission highlighted just how governments and regulators are looking at overseas models for guidance on how to tackle issues in Australia, so we must be ahead of the curve, learning about other markets so we can understand what is working and what isn’t.”

The IMBF was formed last year by associations from Canada, USA, New Zealand, UK and Australia which is represented by the FBAA. Mr White chairs the Global Board of Governors.

He also revealed that Netherlands was a part of the IMBF as an associate, an important step given recent publicity around the ‘Netherlands model’.

“During the coverage of the royal commission, the Netherlands model was brought up in questions by the media, and some people in our industry had no idea what it was.

“This is unacceptable if we are to represent our industry to government.”

Mr White also said the IMBF was planning the world’s first international conference, even though dates and details are still being considered.

“The industry in Australia is better positioned than many other countries, but as we’ve seen recently, there is no room for complacence, as one major regulatory change can affect us all.

“Now more than ever before it is vital for the industry to be innovative and the FBAA is determined to be at the forefront, and we are proud to represent Australian brokers to the world.

“The IMBF works together and is reviewing best practice procedures to bring a global focus to the benefits of mortgage and finance brokers across the globe.”