“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.
