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FPIA disappointed with mortgage brokers

FPIA disappointed mortgage brokers don't want to court with financial planners and advisers.

Friday, September 19th 2003, 9:45PM

by Philip Macalister

Financial Planners and Insurance Adviser Association chief executive Phillip Matthews is disappointed that the mortgage brokers don’t want to work more closely with the association, particularly on regulation issues.

Matthews says it seemed to make sense that the FPIA and the New Zealand Mortgage Brokers Association (NZMBA) form a closer relationship, or even consider merging.

However the NZMBA has decided an industry specific body is needed rather than joining with a larger umbrella group such as the FPIA.

NZMBA chairman Brian Berry told the association's annual conference that the mortgage broking industry is sufficiently large to warrant a specific organisation.

Currently it has about 600 members while the FPIA has 1500.

Matthews says the NZMBA’s decision means that some advisers, those offering investment and/or insurance and mortgages, will potentially have to belong to both associations.

He says that it seemed to make sense that the two organisations joined together in some form, as that would make a merged entity stronger and more effective.

The NZMBA has again expressed its desire to copy Mortgage Industry Association of Australia model where the brokers and the lenders get together in one organisation. Also it wants to work more closely with the MIIA.

Matthews says there are a number of issues with this. One is that Australia and New Zealand operate under different sets of rules. Also he questions whether manufacturers and distributors should get together in a single association.

“I respect their decision and wish them well, Matthews says. However he also notes that his door is always open if the NZMBA wants to start discussions.

Meanwhile the Investment and Insurance Association has established a committee to look at the whole issue of adviser regulation. Earlier story:

« Mortgage brokers to go aloneSovereign takes regulation bull by the horns »

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