The Finance Brokers Association of Australia (FBAA) has announced its 2021-22 financial year membership figures along with an executive staff shake up and some surprising industry statistics.

The association’s membership as at 30 June stands at 10,093, an increase of almost 12 per cent from a year earlier. Around 95 per cent are customer-facing finance brokers.

FBAA managing director Peter White AM said the numbers reflect both the growing popularity of the industry and the reputation of the FBAA for providing high quality member services.

“We are very pleased with this growth, which exceeded our target and is the first time we’ve broken the 10,000 mark,” he said.

“Many of our new members have recently joined the industry, while others decided to make a change in their affiliation.”

Mr White also hailed the industry’s credibility and professionalism as a whole, revealing that ASIC had taken action against only 69 consumer mortgage brokers over the financial year, noting that in 2016 this number was 274.

“This reflects the way the industry has managed itself and shows the standards that are now expected and upheld.”

However he particularly praised the FBAA board and the association’s governance standards, because only 2 of the 69 were FBAA members.

“We are naturally proud of the fact that the FBAA has such high standards because it helps the entire industry.”

To reflect its growth the FBAA has announced some significant executive movements.

Well-known east coast state manager Leah Renwick has been promoted to the new role of national partnerships manager, and taking her place is Christine Anderson who has earned herself a promotion from her role of head of memberships.

The memberships team will now be managed and restructured by recently appointed COO Phillipa Byrne, with three new staff being appointed to support roles.

Mr White thanked members for their support in what was, “an extremely successful year for the association”, and said the focus in now on the year ahead.