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Clawbacks, commissions mentioned at FBAA convention


Dealer clawbacks, net-of-offset commissions and engagement with the brand new Labor authorities have been among the many scorching subjects on the FBAA’s 2022 nationwide trade convention on the Gold Coast final week.

Virtually 700 brokers attended the height dealer physique’s occasion held at SeaWorld on Friday.

FBAA managing director Peter White (pictured above) stated this system included a superb line-up of partaking audio system, together with  youth advocate, counsellor and motivational speaker Jules Allen, who spoke about resilience, and federal assistant treasurer and minister for Monetary Companies Stephen Jones.

Jones, in a pre-recorded speech, raised the prospect that the federal government would possibly assessment clawbacks if it was discovered that the cash being clawed again from brokers was larger than the associated fee for the financial institution to arrange the mortgage.

“Earlier than being elected, the minister promised he would proceed the clawback dialog and he’s doing simply that,” White stated. “There’s a excessive stage of engagement from the FBAA about clawbacks, as a result of consider me, I’ve been hounding him.”

Learn extra: Web of offset commissions hurting brokers, says FBAA

In his yr in assessment speech on the convention, White stated he was keen to analyze whether or not banks have been profiteering by means of dealer clawbacks.

“There’s a entire lot of issues happening within the background that we’ll carry to the desk and doc to get forensic accounts concerned as we see it,” he stated.

“I’m additionally trying ahead to talking with the attorney-general about internet of offset accounts, as a result of we consider there’s a problem with sure legal guidelines sitting across the providers. Add to that lender cashback presents, which I consider want a larger focus from authorities.”

In an FBAA convention first, 2022 was arrange as a “silent convention” – attendees wore noise-cancelling headphones and will choose which speaker or workshop they needed to hearken to or participate in. If an attendee modified his or her thoughts and needed to pay attention to a different speaker or workshop, they might simply accomplish that with ease and minimal distraction, White stated.

“This format enabled the FBAA to have three screens shut collectively all operating on the similar time with out interference from each other,” White stated.

“It was actually revolutionary and I feel individuals have been impressed that this yr’s convention was co-ordinated. Individuals may stroll across the exhibition space and nonetheless hear the speaker of their headphones, which created nice engagement amongst our attendees and it was one thing completely different.”

Learn extra: FBAA holds first face-to-face nationwide convention in over two years

White stated the night gala dinner and awards of supremacy held after the convention all the time offered  an ideal evening.

“This yr our gala dinner theme was ‘ocean of odyssey’ and all people regarded unbelievable,” he stated. “It was an ideal evening had by all people.”

White (pictured beneath) dressed up as King Neptune, the god of the ocean, in line with the ocean odyssey theme.

White stated the 2022 convention was thought of a reset after the final three years of disruptions.

“We spoke in regards to the FBAA’s engagement round what we’re doing government-wise, which I do know was on all people’s thoughts. Seeing the constructive help from the Labor authorities by doing the issues they stated they’d do and progressing is offering lots of consolation to our trade,” he stated.

“We invited our stylist Joshua Heath again, who’s all the time extremely entertaining, to offer recommendation to our attendees about how they should undress from their COVID-19 tracksuits and gown for enterprise post-pandemic.” 

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