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Industry veteran Peter White AM is relinquishing the reins of the Finance Brokers Association of Australia (FBAA), marking the conclusion of a 23-year journey with the body that saw it grow from a small group into a major industry body.
White will work with the association as it conducts a search for its new leader and to ensure a “seamless handover” for the FBAA membership.
A member update is expected next week with further details.
White stated: “It’s been an amazing journey, I’ve met countless lifelong friends, and I’ve had the privilege of being a part of the tremendous growth and impact of the FBAA,” he said.
“Today our association is a leading voice for our sector, respected by those at the highest levels of government and industry, and sought by national media for commentary due to our credibility and expertise.”
Calling the FBAA’s efforts to combat the “unfair recommendations” of the banking royal commission as one of the association’s greatest achievements, he thanked “the many who have served on [its] national board, state teams, staff, and the thousands of brokers ... across the nation who support the association”.
White said the timing of his decision was based on his belief that he had achieved what he came to achieve in this role, noting that “change is not only good but necessary for any organisation” and brings new ideas and fresh vision.
Commenting on the change in leadership, the FBAA board chair Brett Spencer said the decision was “a difficult one for all”, but added the “time is right for him and the FBAA”.
The FBAA chair said: “Peter has been a general for this association for over 20 years, and, like all retiring leaders, he will be missed by many.”
Spencer said the FBAA would build upon White’s legacy to deliver a bigger and stronger association for its 14,000+ members and the industry as a whole.
He confirmed the board would work closely with the outgoing MD to ensure a seamless transition as they seek a successor and will provide an update to members next week.
From the tools to the boardroom
White’s 45-year career began in the branches of CBA on Sydney’s northern beaches, eventually leading him to pivotal roles as a founder of the RAMS branch network and the first CEO of Wizard Home Loans.
Since joining the FBAA as a volunteer in 2003, White held almost every major title within the organisation, including national president and CEO.
His tenure was defined by a “gloves-off” approach to advocacy, particularly during the post-royal commission era.
Over his tenure, White has been particularly vocal on
- Defending commissions: Engaging with regulators to ensure the viability of the commission-based broker remuneration model.
- Advocating for fairer levies and regulatory burdens: Outlining the regulatory impacts and unintended consequences of regulation on industry, including during the royal commission and on payroll tax.
- The war on clawbacks: Consistently hitting the pavement in Canberra to argue that clawbacks are an unfair burden on small business owners.
- Professional standards: Elevating the FBAA’s status by sitting on various governance, audit, and education committees to sharpen the industry’s professional edge.
As well as being a lobbyist and working on legislative issues, his peers often cite his empathy as his greatest strength.
He was one of the first industry leaders to move mental health from a “taboo” topic to a boardroom priority, launching the FBAA Wellness Hub to catch brokers falling through the cracks of a high-pressure industry.
This dedication to service earned him an Order of Australia (AM) in 2019, recognising his outstanding achievement and merit in services to the finance sector for over 41 years.
White is also the founder of The Sanity Space Foundation, a charity aimed at supporting parents navigating the challenges of raising children with special needs.
[Related: Broker numbers surpass 22k: FBAA]