AFG appoints General Manager AFG Securities

After an extensive search, AFG has appointed well known industry figure Damian Percy to the role of General Manager AFG Securities.

AFG CEO David Bailey announced the appointment to staff today. “The AFG Securities loan book is now at $2.06 billion and reflecting the importance of this part of our business, we have created a General Manager role to steward its evolution.

“We have conducted an extensive search for the right person to head up this important part of the business and I am very confident Damian is an excellent fit for AFG Securities. He is well placed to ensure this key part of our business continues to grow.

“Damian joins AFG after a 20-year career with the Bendigo and Adelaide Bank Group – most notably as General Manager of Third Party Lending – where he was an active spokesperson and champion of the third party channel.  His experiences encompass all aspects of running a significant mortgage business including distribution, strategy, pricing, operations, funding and credit risk.   

“Damian has a long association with AFG and the AFG Securities business through his various roles at the banking group. The success of our own-branded home products has been a key strategy by AFG to offer true choice to Australian homebuyers.  Adelaide Bank has been a funding partner for our products for 23 years and Damian has been a central part of that relationship. We look forward to welcoming him to AFG next month.”

Speaking of his appointment Damian Percy said: “To have the opportunity to work with people and a business I have had a long association with and enormous admiration for, really is a once-in-a-lifetime thing and I’m greatly honoured and genuinely excited to be joining the AFG team.

“AFG Securities has established an excellent reputation with the AFG membership as is evident from the exceptional growth of the last few years and I’m looking forward to building on what is already a highly regarded and customer-focussed proposition.”

Damian will join AFG on Monday 23rd September.

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AFG welcomes regulatory clarity

AFG today welcomed the certainty provided for the mortgage broking sector by the Australian Government’s Royal Commission Implementation Roadmap.

In setting out details for the way forward for the financial services sector post-Royal Commission, the Government confirmed significant work undertaken to put customers first had mortgage brokers well positioned.

The draft National Consumer Credit Protection Amendment (Mortgage Brokers) Bill 2019 released by Treasury requires mortgage brokers to act in the best interests of consumers when providing credit assistance. These changes reflect commitments endorsed and introduced across the industry earlier this year.

AFG CEO David Bailey said: “We are confident the Government understands the need to maintain a competitive lending market and we look forward to engaging with policymakers to ensure the development of legislation is considered.

“Industry has already moved on defining ‘good customer outcomes’, and we see the formalisation of a ‘best interests’ duty as an extension of the work that is underway.  We have always maintained that it is in a broker’s best interests to ensure the customer’s needs are placed first and foremost, without that focus a broker would not have a sustainable business.

The Bill and regulations also make changes to mortgage broker remuneration by requiring the value of upfront commissions to be linked to the amount drawn down by borrowers instead of the loan amount; banning campaign and volume-based commissions and payments; and capping soft dollar benefits.

“Industry is well advanced on implementing these changes after a comprehensive industry-led process that started over two years ago.

“We look forward to working with the government on the detail of the draft Bill to ensure the effective force mortgage brokers deliver to competition, choice and lower borrowing costs is maintained,” Mr Bailey said.