FAMNZ, which is an offshoot of the Finance Brokers Association of Australia (FBAA), says it has been unable to recruit enough members to be financially viable in New Zealand.
The writing has been on the wall for some time. FAMNZ has not appointed a New Zealand head after the inaugural appointment, Leigh Hodgetts, left after a year into the role.
Likewise, FAMNZ appeared to be a project spear-headed by FBAA chief Peter White. He announced recently that he was retiring.
FAMNZ has never disclosed its membership, however it is believed to be small.
In a release, FAMNZ says, it was established "to provide world-class expertise specifically for our sector in the areas of professional development and support, and to help increase market share through better advocacy and engagement with regulators, lenders, and consumers."
It claims "these goals were being achieved, and the need for strong industry representation remains, unfortunately membership numbers have not reached the level required to make FAMNZ financially sustainable."
It also takes a dig at other associations; "We also understand the hesitation of other advisers to join, because they haven’t been represented well in the past. But the reality is that without broad support, FAMNZ is unable to continue in its present form as a member-based industry body."
Despite shutting up shop FAMNZ says it is still committed to supporting advisers, and it will "continue directly working with regulators and government to help advance and improve the industry for the benefit of the entire Australasian region."
"We knew the market was different here, and that unlike Australia, advisers didn’t have to be a member of a professional organisation to deal with aggregators and lenders.
:However recent changes in licencing and commission structures by some lenders have made the market even more difficult for advisers, and require even more time and finances that we can no longer commit." the association says.
"We are proud of our significant achievements even in this short time. Our engagement with regulators including the Commerce Commission has directly resulted in better outcomes for advisers and consumers."
FAMNZ claims to have raised the public profile of mortgage advice and educated mainstream journalists. It says most journalists "were unaware of how our industry operated or what we offer consumers."
"Our extensive media engagement and public promotion of advisers through the media has helped more journalists and consumers better understand the benefits of using an adviser for lending and mortgages.
"Our hope is that others across the industry will build on what we have started. New Zealand advisers deserve nothing less. For our part, as mentioned, our work with the country’s regulators and government continues, and we will always be advocates for our Kiwi colleagues."
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