The interim CEO of the Finance Brokers Association of Australia (FBAA) has asked banks to support innocent Hai Money brokers who have been caught up in the ongoing fraud investigations and stand to lose their businesses.

Peter White AM said the situation was “fluid and messy” and endorsed the crackdown on fraudulent activities, repeating his call for anyone found to have been involved to be banned and prosecuted.

“The industry has to go hard on those who are tarnishing our reputation, and there can be no compromise,” he said.

However he also said there were Hai Money brokers who have done nothing wrong and should be treated as innocent until proven guilty.

“The FBAA has received calls from brokers who haven’t even written their first loan, and have lost their accreditation, and others who are distressed that there has been a blanket decision against all Hai Money brokers.”

Mr White says the association has an obligation to stand up for members who deserve natural justice.

“Overall, this is not about brokers from any one company or demographic, but about those, wherever they are and whoever they work with, engaged in sophisticated criminal activity.

“We can’t tar everyone with the same brush, and we must shine a light in the darkness and support those who have done nothing wrong and are running legitimate, honest businesses.”

He said he understands the complexity and the difficult role lenders and aggregators have in working out who is involved in the fraud, and asked them to do their due diligence to ensure those not involved were supported.