The Finance Brokers Association of Australia (FBAA) held its annual general meeting today and announced a record financial year and significant member growth.

FBAA managing director Peter White AM has told the AGM that the association has had its best ever financial result. As well as holding net assets of $1.853m, it recorded net retained earnings of $769,000 over the 20-21 financial year.

He said the result would enable the association to continue to invest in members at even higher levels than the past.

“This was achieved with no government COVID stimulus, no increase in membership fees for three years, no redundancies or removal of staff, and no reduction or terminations in any supplier contracts, he said.

The association also revealed it experienced a net membership growth of 10.78 per cent over the past year, passing the 9,400 mark in October, the vast majority of who are customer-facing brokers 

Mr White said the outstanding results were a testament to good governance and the focus on member support and benefits.

“We’ve always been a grass roots organisation run by brokers for brokers, and I believe that’s why everyone within the FBAA always works tirelessly for members.

We all know the challenges of the industry and are all directly affected by the highs and lows,” he explained.

The FBAA also thanked current board members while welcoming onto the board Barry Honey, who was appointed, and former NSW state president Nick Wormald.

Two directors were farewelled – Gus Gilkeson who stepped down due to business needs and Chris Szigeti who has completed his term.

“We thank both of them and make a special mention of Chris who has served with distinction for many years and has been a great support to members and fellow board members.”

Mr White said the association’s strength allows the FBAA to provide even more benefits for members and to further lobby government more effectively in order to protect the industry’s future.

The FBAA has also announced the following member commendations:

Appointed as fellow members:

• Greg Rodgers, external legal counsel – for many years of expert service to the FBAA for legal advice. Greg sits on the DRS Committee as a volunteer and continues to provide expert guidance.

• John Kolenda, managing director of the Finsure Group – for his support of the directions of the FBAA and its Concierge Program and the endeavours of the strategic direction of the FBAA.

• Gerald Foley, managing director of nMB – for his very long service to the industry and support of the FBAA and its undertakings to industry.

• Renee Blethyn, CoreLogic – for her support and work with the FBAA’s mental health counselling program and ongoing mental health events, and for the mental health well-being of our industry and being prepared to be a voice in this space.

• David Hannah, general manager McMillan Shakespeare Group – for his long term support and input into the asset broking sector and to his contributions to the FBAA in that field.

Board commendations for exceptional service to the association and members:

• Gus Gilkeson, past NSW state president and past board member. He has retired from his roles due to increased business commitments.

• Glenn Mitchell, Vow YBR Group – for ongoing support and FBAA committee representations.

• Nick Lane – FBAA finance manager who has taken the association’s professional reporting abilities to a higher level and embraced the association with great vigour.

• Leah Renwick – long serving FBAA staff member who has always kept members needs and understandings first and foremost in her dealings.

• Judith Hocking – FBAA staff member in memberships, who has constantly provided a high level of service and communications with our members.

Mr White said, “We thank all of these members and staff for their amazing contribution to the success of not only the FBAA but the industry at large.”