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Pratley moves NZMBA resignation forward

The NZMBA board says that it is “absolutely committed” to the proposed amalgamation with the PAA.

Thursday, February 23rd 2012, 6:57AM

“The board believes that the amalgamation is in the best interests of members and a stronger singularly focused independent industry body is the best outcome for the industry.”

It says says that for legal and technical reasons it is better to wind up the NZMBA rather  rather than winding up both associations and forming a new one.

“This does not mean that what the NZMBA stands for is discontinuing, nor does it mean that the values and benefits of the NZMBA cease to exist.:

The new board will be made up of four NZMBA representatives, five from the PAA s and one independent member.

The four, proposed, NZMBA members are; Bruce Patten, Sonya Reid, Karen Mooney and Brian Greer.

Darren Pratley has agreed to bring his resignation as chief executive and chairman forward.

Mike Pero Mortgages chief executive Shaun Riley will act as interim chairman until March 31 to ensure the voting process (and wind up if approved) runs smoothly. 

Pratley says he believes that the amalgamation is extremely important and does not want to do anything that would be perceived as placing it in jeopardy.

The main reasons for the amalgamation are to;

  • Create a stronger entity with scale to enable the industry to have a stronger voice for lobbying
  • As many members have diversified to risk, the new entity will ensure that members are able to get the best mortgage and insurance support through the best training environment possible
  • Ensure the industry body has a strong financial base, which also enables reasonably priced member fees
  • Achieve efficiencies by amalgamating services, therefore reducing costs
  • Share best practices across the two associations therefore providing immediate benefits to members.

Comments from our readers

On 23 February 2012 at 9:25 am Dave said:
The big fear here is the loss of Mortgage Broking/advising as a viable stand alone service... firstly the NZMBA moved away from its core purpose, now aggregators have the banks dictating to the individual broker while the aggregators are putting their major efforts of innovation and training into the cashflow insurance sales area... When was the last time the mortgage broking industry made any gains with the lenders ???
On 23 February 2012 at 5:32 pm Don said:
While the NZMBA still has lenders and aggregators actively participating as full members I wouldn't have a bar of them. Talk about run with the hare and hunt with the hounds! Neither NZMBA or PAA have a very good track record of advocating for individual brokers. They have both spent an inordinate amount of time, money and energy posturing and maneuvering trying to justify their existence. They would have been better employed attacking the policies of the banks which insist that individual brokers must belong to an aggregation firm. Bollocks to that, its just another step in the bureaucracy. Banks have multitudes of accounts so what is wrong with dealing directly with the broker and save the fee clip by the aggregator, they are an unneccesary step. Or maybe the banks should pay the aggregator fees for processing payments and carrying the risks associated with clawbacks. So whatever umbrella NZMBA and PAA end up under I hope they find useful things to do that actually benefit the mortgage brokers who have been pushed and prodded enough in recent times.
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