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Renee Tocco – Member Profile

How did you become a commercial finance broker? My entrepreneurial drive has led me through a multifarious career, which enhanced my business acumen, life and people skills and ultimately equipped me to start my own business. The majority of my professional career has been in the ICT and Telco industry, working in top end account management and as a specialist in acquisition. I had a short and fruitful stint as a Real Estate Agent working for Ray White. This was my first introduction to finance broking, but I was well versed in the finance requirements in the ICT Industry, the seed was planted and the idea took form to start my own Finance Broking Business. My dream developed over the following several years, until finally in 2015 I took the biggest and best risk of my life. With a flair for corporate sales and innovation, I identified the specific area of asset finance that I believe had had room for progress and I immediately realised this was a great opportunity. Loanezi , founded in 2015 is my greatest achievement thus far, and I can finally say that I have found the industry I was born for. What do you enjoy most about being a broker? I love being an innovator in this industry, I challenge the status quo and believe that I am pioneering change in the Industry I adore. Fresh eyes and a novel approach has resulted in simple improvements and tweaks that all brings forth some necessary changes that makes life easier for our clients and ourselves. I embrace innovation that has purpose, an industry that does...

A Strategy Moving Forward.

Most of us will be back from a well-earned break and as we know it isn’t long before we are caught up in the “day to day activities” of our broking business. Whilst we have to do the operational stuff to make money I thought it worthwhile to share some of what CAFBA has undertaken “strategically” with some of the learnings from this process that can be applied to any business. Last year (as previously advised in CAFBA communications) a strategic review of CAFBA was undertaken by the CAFBA board (outside of our usual monthly board meetings). The purpose of this review was to put in place a formal strategy plan for the association into the future. Whilst CAFBA had grown strongly over recent years we hadn’t as a board taken time out of our monthly meetings to take a helicopter view of the association. So what were the keys to success in coming up with the CAFBA strategic plan for the period 2017 to 2020? From my view it was: Determining early in the process who should be involved. In this regard this included both internal and external parties to the association, Preparation – Before the strategy session, feedback was obtained from a group of members (our customers) and external parties (our suppliers - for example Banks/Financiers) with key questions on their impression of CAFBA and what they saw “looking in” from the outside. This provided valuable feedback that was presented at the strategy session.. A SWOT (Strengths/Weaknesses/Opportunities and Treats) was completed and a PEST – (Political, Economic, Social, and Technological) that identified factors of the external environment...
CAFBA 2018 Calendar of Events

CAFBA 2018 Calendar of Events

Get ahead for 2018 and lock these dates into your calendar! The Victorian Golf Day has relocated to April for 2018, as November is such a busy time - get some practice in for a return to Huntingdale Golf Club. The PD Days return in April and May in the main cities and in regional Queensland; these are a fantastic member benefit and are completely free! Sponsorship opportunities are available for these events, so please let us know if you are interested in sponsoring. The Financier of the Year has super-sized in 2018 - this will be a gala event with new awards, new categories and a great new format. We hope to see you at some of our events soon! Click HERE to download our 2018 Calendar of Events.      ...

Five things you need to know about Australia’s Royal Commission into the Financial Services Industry

As we gear up for the Royal Commission into Financial Services, Allan McDougall from KeyPoint Law takes a look at 5 things you need to know about a Royal Commission. What is a Royal Commission? Australia’s state and federal governments establish royal commissions from time to time to investigate current controversies or real or perceived wrongs in the community. Royal Commissioners have a broad discretion as to the procedures which they will adopt.  It is, however, assumed that evidence will be heard in public unless the Commission orders otherwise. A Commission is constituted by one or more Commissioners. The Commissioner – or the Chair of the Commission when more than one Commissioner is appointed - is usually a current or former judge or a senior barrister. By appointing current or former officers of the judiciary or senior barristers the relevant government signals the seriousness of the inquiry, as well as what is expected to be an impartial and thorough investigation of the facts or circumstances causing concern. Royal Commissions have power to compel attendance and the giving of evidence with potential for impact on reputations and interests of witnesses, companies and individuals. Using the word “Royal” reflects the fact that the power to appoint such Commissions has been part of the residual power of the Crown.  The power to appoint Royal Commissions and the conduct of Royal Commissions is now also supported by legislation. Why a Royal Commission into financial services? The parameters or “Terms of Reference” of the Royal Commission into the Banking, Superannuation and Financial Services Industry in Australia (“RC”) indicate that, basically, the RC’s purpose is...
Point of Sale Exemption still a disadvantage for brokers

Point of Sale Exemption still a disadvantage for brokers

A recent article in Mortgage Professional Australia - “Car Finance: it’s time to jump on the band wagon” highlighted that the removal of flex commissions gives brokers an advantage, stating: ASIC gives brokers edge over car dealers 2017 was also a turning point for car finance, as ASIC banned flex commissions (effective this year) for car dealers, removing a major advantage for dealers providing finance. The move coincided with a major scandal in which BMW Finance was forced to refund millions of dollars in loans after it beached responsible lending provisions. Brokers, who have access to more sources of finance, now have an advantage in both pricing and prior client relationships. CAFBA‘s position is that whilst ASIC has removed flex-commissions, a major disadvantage for brokers still remains while the Point of Sale Exemption under the NCCP Act for car dealers still exists. This means that when finance is provided at the “point of sale” dealers are exempt from the responsible lending guidelines contained under the Act. Brokers providing consumer loans are of course bound by this legislation. CAFBA believes the current exemption provided to Point of Sale vendor introducers creates an unfair advantage to those who hold an Australian Credit Licence to engage in exactly the same credit activities.  It also significantly weakens the protection consumers should receive from the law when they obtain finance through these distribution channels. This is exemption was meant to be for 12 months when the NCCP Act was introduced in 2009. It is now 2018 and time for the exemption to be...

Cost of Energy – Case Studies Requested 

The Council of Small Business Organisations of Australia (COSBOA) is undertaking research on the impact of increasing energy prices on small business and is seeking real information on the effect of increased energy costs on businesses. They are developing case studies to highlight the changes that have taken place and the effects of price increases. Using these case studies, COSBOA can lobby for better support for small businesses affected by price increases or by the disruption to business caused by power outages. ‘Real life’ examples make politicians and the media very interested. Using this information, supporters such as the federal Small Business Ombudsman and the state commissioners can also apply pressure on government and on suppliers for better policy and better business support.   COSBOA needs our help.   To develop the case studies, they request the following: The name of the business effected by cost increases This would be for our records and would only be released with approval of the business Information on the change in costs Using invoices for information –  over 6 months, 12 months or longer where possible. Copies of invoices With the business name redacted unless otherwise stated by the business. Examples of decisions made as a result of the increase in costs ie: changes to business plans; reduction in staff or staff hours; new purchases; longer time worked by business owners; changes to the way energy is used; changes to operating hours, etc. They note: Even if we just have copies of energy invoices twelve months apart we can do the rest.   Importantly, if we also had information on job losses, effect on profit,...