CAFBA appoints new CEO

The Commercial and Asset Finance Brokers Association has appointed David Bushby as chief executive officer.

Bushby (pictured above left) will replace David Gill (pictured above right), who announced his decision to step down as CEO in March.

Reflecting on his 11-year tenure, Gill said that commercial brokers had traditionally been the conduit for SME businesses to access finance, a role he said had only increased as the level of professional within the industry had increased.

The peak body representing commercial and asset finance brokers in Australia said that it had followed a rigorous selection process for the CEO position.

With 30 years’ experience practising law, David Bushby has worked as a company director in government and community relations, law making, politics and diplomacy.

An admitted solicitor to the High Court of Australia, the incoming CEO served as a Federal Senator for Tasmania from 2007 to 2019, where he was chief government whip of the Senate from 2014 onwards, CAFBA said.   Most recently, he served as a consul-general in Chicago for the Department of Foreign Affairs and Trade.

Commenting on the opportunity to join CAFBA at an important time in its growth, Bushby acknowledged that CAFBA represented brokers who focused on supporting the financing needs of “millions of small businesses” which formed the backbone of the Australian economy.

“The work CAFBA has done to ensure its members operate with the highest possible professionalism, knowledge and understanding of their clients’ needs and how to best support them, means that small business can take great comfort in dealing with a broker who is a CAFBA member,” Bushby said.

The incoming CEO, who will start his role on October 2, 2023, said that he looked forward to working with CAFBA members to reinforce and build on their existing professionalism and the value of membership for brokers and their small business clients.

Commercial brokers continue to play key role in SME finance

Departing CEO David Gill said that commercial brokers had always been an “integral facilitator” for SME businesses wanting to access finance.

“Recent surveys conducted by East & Partners concluded that 72% of commercial equipment finance is sourced through brokers, which is up on previous years,” Gill said.

Commenting that the industry could “only get stronger”, Gill said that while there were many achievements that he felt proud of, the highlights were around education and professionalism.

“Standing out are the development of education streams for commercial finance, the diversity programs implemented, and the professionalism of the industry as we look to operating under the Professional Standards Scheme, which will be a milestone for effective self-regulation,” Gill said.

Qualifications framework in pipeline, CEO says

Commenting on his goals as CAFBA CEO, Bushby told MPA that he would continue work already undertaken to deliver its strategic plan for 2021-2024.

CAFBA’s plan has four strategic goals: education, self-regulation, advocacy and member value, he said.

“An enormous amount of work has been undertaken towards delivering on that plan and my primary goal in my first six to 12 months will be towards continuing that delivery, as well as assisting the Board develop the plan for the years that follow 2024,” Bushby said. 

Delivery of the plan would involve a heavy focus on CAFBA continuing to lead the development of a common qualifications framework across the commercial finance sector and the completion of work towards a CAFBA Professional Standards Scheme (PSS), he said.

Supporting brokers through economic changes

Acknowledging the wide range of challenges facing small business owners, Bushby said that CAFBA requirements around qualifications, knowledge and professionalism of its members would help to ensure that brokers’ service was exemplary, fit for purpose and tailored to business needs.

“CAFBA also needs to be on the front foot, innovatively looking at ways to inform small businesses with finance needs of the value of that CAFBA brokers can bring to their business,” Bushby said. 

Working on ways to get that message out and understood would be one of the priorities, he said.

“Completion of the CAFBA PSS will strengthen that message and help enormously in instilling confidence that engaging a CAFBA broker means you are getting the best,” Bushby said.

CAFBA president Matt Atkin, who recently discussed trends in commercial lending and MPA’s Top Commercial Brokers for 2023, said that Bushby would provide the necessary leadership and direction required by CAFBA by advancing and implementing its strategic plan.

This includes upholding CAFBA’s values through ensuring that all members are compliant with its standards.

“We are confident David Bushby will continue to build on David Gill’s legacy as CAFBA pursues the Professional Standards Scheme, continues to diversify the industry and seeks to be better in everything that we do,” Atkin said.