MPA Roundtable responded to broker concern at incorrect coverage by the mainstream media and critical consumer advocate groups
MPA Roundtable responded to broker concern at incorrect coverage by the mainstream media and critical consumer advocate groups
Several leading aggregators have responded to critical media coverage of brokers as part of MPA’s Aggregators Roundtable.
The panel of Choice Aggregation Services, Connective, eChoice, FAST, Plan Australia, Outsource Financial and Specialist Finance Group faced a question sent in by the audience: “How do so many uninformed details can enter the media and how is it that CHOICE magazine has any say over broker commissions?”
The panel took different views on dealing with consumer advocates, whose controversial submission to the Treasury called for trail commissions to be banned, amongst other changes. Connective director Mark Haron noted that “it is something that we need to do more as an industry, to be more consultative with consumer groups, we need to engage with them and get the voice of the consumer in the process and we move into a self-regulatory structure”
However, Tanya Sale, CEO of Outsource Finance, warned that “you have to choose the consumer group that’s willing to listen and learn because they keep throwing out these bombs and they’re so ill-informed it’s not funny and then the media gives them airplay for it.”
Dealing with CHOICE
CHOICE and other consumer advocates have been critical of brokers in the past, running shadow-shopping reports which have themselves been criticised for having a limited scope.
In CHOICE’s submission to the Treasury, the group warned consumers were being excluded from the combined industry forum, which is currently working on self-regulation, instead suggesting ASIC should handle the process.
As Haron noted, consumer groups will now be consulted by the forum, although whether they have an equal seat at the table remains unclear. The Australian Bankers Association told MPA that the forum had always planned to consult consumer groups but the forum was still in its early stages.
Dealing with critical media
MPA’s panel also took very different views when it came to responding to critical articles in the media.
“To state the obvious: negative media sells over positive media and we can attack that head on but you won’t see us doing that very often,” said Choice Aggregation’s CEO Stephen Moore “what I think we need to is act like leaders and leaders step above the noise and focus on the facts. There’s work we’re doing as aggregators is getting facts published on the value brokers provide to Australians.”
On the other hand, Blake Buchanan, general manager of eChoice, called for brokers to engage with the media: “we don’t really have a strong voice in the mainstream media…everybody can start doing that, particularly at the broker level. If you’re in a community you should be engaging with your community leaders and your community press and telling them what you do for residents.”
You can watch MPA's Aggregator Roundtable for free online, or read more from the roundtable here.
Several leading aggregators have responded to critical media coverage of brokers as part of MPA’s Aggregators Roundtable.
The panel of Choice Aggregation Services, Connective, eChoice, FAST, Plan Australia, Outsource Financial and Specialist Finance Group faced a question sent in by the audience: “How do so many uninformed details can enter the media and how is it that CHOICE magazine has any say over broker commissions?”
The panel took different views on dealing with consumer advocates, whose controversial submission to the Treasury called for trail commissions to be banned, amongst other changes. Connective director Mark Haron noted that “it is something that we need to do more as an industry, to be more consultative with consumer groups, we need to engage with them and get the voice of the consumer in the process and we move into a self-regulatory structure”
However, Tanya Sale, CEO of Outsource Finance, warned that “you have to choose the consumer group that’s willing to listen and learn because they keep throwing out these bombs and they’re so ill-informed it’s not funny and then the media gives them airplay for it.”
Dealing with CHOICE
CHOICE and other consumer advocates have been critical of brokers in the past, running shadow-shopping reports which have themselves been criticised for having a limited scope.
In CHOICE’s submission to the Treasury, the group warned consumers were being excluded from the combined industry forum, which is currently working on self-regulation, instead suggesting ASIC should handle the process.
As Haron noted, consumer groups will now be consulted by the forum, although whether they have an equal seat at the table remains unclear. The Australian Bankers Association told MPA that the forum had always planned to consult consumer groups but the forum was still in its early stages.
Dealing with critical media
MPA’s panel also took very different views when it came to responding to critical articles in the media.
“To state the obvious: negative media sells over positive media and we can attack that head on but you won’t see us doing that very often,” said Choice Aggregation’s CEO Stephen Moore “what I think we need to is act like leaders and leaders step above the noise and focus on the facts. There’s work we’re doing as aggregators is getting facts published on the value brokers provide to Australians.”
On the other hand, Blake Buchanan, general manager of eChoice, called for brokers to engage with the media: “we don’t really have a strong voice in the mainstream media…everybody can start doing that, particularly at the broker level. If you’re in a community you should be engaging with your community leaders and your community press and telling them what you do for residents.”
You can watch MPA's Aggregator Roundtable for free online, or read more from the roundtable here.
