New era for FBAA as external leaders take the helm

The Finance Brokers Association of Australia (FBAA) has named Melbourne-based executive Leo Gagic as its new CEO, while former federal senator Nick Sherry will step into the role of independent chairperson.

The appointments follow the departure of long-serving managing director Peter White AM, who is soon leaving the FBAA after more than two decades of service, and the departure of former chairman Brett Spencer earlier this year.

Clive Kirkpatrick had been filling the role of acting chairman, while the search for a new chairperson was underway.

Gagic, the incoming CEO, was previously the CEO of debt collection and payment obligations company Access Mercantile, a position he held for more than six years before departing in February 2026.

While he briefly worked at Liberty Financial roughly two decades ago (serving as chief operations officer between 2002 and 2005) and was manager of credit operations at National Australia Bank (NAB) at the turn of the millennium, his background is heavily rooted in operational management rather than mortgage broking.

Aside from working at Access Mercantile Services, Gagic spent 13 years at telecommunications company Telstra, where he served as executive director of global finance services, overseeing billing, revenue assurance, accounting services, and credit management, among other functions.

“I am thrilled to be joining FBAA as CEO, and look forward to working with members, partners, the board and the team to strengthen FBAA’s influence, increase member value and ensure it remains the leading voice for brokers across Australia,” Gagic said.

Meanwhile, Sherry, a former senator and a prominent figure in the superannuation sector and Australia’s first minister for superannuation and corporate law, has been named the new FBAA chairman.

He also has no direct background in mortgage broking but has worked closely with Justin Delanty, the FBAA’s newest Tasmania-based board member.

Speaking on his appointment, Sherry said: “I am honoured to be appointed to the FBAA board and look forward to working with the board, new CEO Leo Gagic, and the members across Australia.”

‘New starts’

The double appointment marks a significant shift in direction for the FBAA, which has historically been led by deep industry insiders.

The clean sweep of external leadership is expected to signal a structural overhaul for the national body.

The new leadership team will inherit an association representing more than 14,000 members, built on a legacy of fierce defence of broker commissions and national advocacy.

The FBAA is expected to issue a formal member update outlining future operational arrangements and transition timelines in the coming days.

In a statement, the FBAA board acknowledged that its desire to “embrace new starts” would begin with the selection of its leadership.

It continued: “Over recent months, the board has not only been conducting a search for a new CEO, but has been using this time of change to consider ways to increase our impact, build our industry to even greater heights, and provide even better support to our members.

“While we celebrate what has been an amazing journey for the FBAA to date and will always hold to the values that have brought us this far, we believe that what lies ahead must eclipse the successes of the past.

“This is even more important as we enter a dramatically different business environment shaped by ever-evolving technology.”

The FBAA also paid tribute to the contributions of its outgoing CEO, Peter White.

“The FBAA is only in a position to look to new horizons due to the successes of the past, and we want to recognise and honour Peter White for his service to our association and the industry at large,” it said.

“There are few in our industry who have been as passionate about our industry or have made such an impact as Peter, and his work has provided us with this opportunity to embark on the next stage of our journey and step into an environment of change and innovation.”

NZ closure confirmed

The leadership shake-up comes as the industry association confirmed the closure of its member-based operations in New Zealand, three years after launching in 2023.

In a statement provided to The Adviser, the association said membership numbers did not reach the level required to make the Finance and Mortgage Advisors Association New Zealand (FAMNZ) financially sustainable.

“While we had many wonderful and enthusiastic members, who we thank for their support, others were hesitant which is understandable given that they haven’t been represented well in the past,” the statement read.

“But the reality is that without broad support, FAMNZ is unable to continue in its present form as a member-based industry body.”

While acknowledging important differences between the Australian and New Zealand lending markets – for instance, New Zealand brokers are not required to be members of a professional association in order to deal with aggregators and lenders – the FBAA said its initial investment had been motivated by a desire to build the industry and support Australian brokers operating in New Zealand.

However, it said that without broad support it would be unable to continue in its present form.

The impact of recent changes to licensing and commission structures in New Zealand also weighed on the FBAA’s decision, with the association stating that these developments required additional time and financial resources that it could no longer commit.

While it will be ceasing its member-based operations, the FBAA said it remained committed to supporting New Zealand advisers and would continue working with regulators and government to help advance the industry.

“We are proud of our significant achievements even in this short time. Our engagement with regulators directly resulted in better outcomes for advisers and consumers, while our public promotion of advisers through mainstream media has helped journalists and consumers better understand the benefits of using an adviser for lending and mortgages,” the statement read.

“Our hope is that others across the industry will build on what we have started. New Zealand advisers deserve nothing less. For our part, as mentioned, our work with the country’s regulators and government continues, and we will always be advocates for our Kiwi colleagues.”

[Related: Industry pays tribute to outgoing FBAA director Peter White]

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