Loansmart Becomes First Loan Broker To Join Financial Services Federation

Wednesday, 29 March 2023, 2:49 pm
Press Release: Loansmart

Loansmart is proud to announce that it has become the first loan broker to join the Financial Services Federation (FSF). Loansmart's affiliate membership confirms its commitment to protecting borrowers' interests while offering them more options.

As a loan broker, Loansmart provides borrowers with a range of finance products through its extensive network of lending partners. With access to multiple loan types and repayment terms, they have more opportunities to find the right solution for each client. Additionally, dealing with an FSF member company ensures the client’s financial well-being is top-of-mind.

According to the FSF website, “The Federation takes a "quality over quantity" approach to membership to ensure its reputational integrity. Our work includes setting industry standards for responsible lending, promoting compliance, consumer awareness, and working with Government towards fair and enforced legislation”. The FSF are strong advocates for the average personal loan borrower, and have strong relationships with legislators in government. High cost lenders are not allowed to join the FSF.

"We are delighted to be recognised by the FSF as a reputable finance provider," said Murray Greig Managing Director at Loansmart. "This demonstrates our commitment to providing our customers with financial solutions that are suitable and protect their interests."

As an affiliate member of the FSF, Loansmart is committed to working closely with our clients to find workable solutions to navigate difficult times. This approach may include talking to lenders about restructuring loans or exploring alternative repayment options that will better suit a borrower's financial situation. The primary objective is to treat clients with empathy and understanding and help them regain control of their finances.

In addition to its FSF affiliate membership, Loansmart holds a Financial Advice Provider Licence issued by the Financial Markets Authority. As a result, they can advise clients on which loan/insurance options are in their best interest. They are held accountable for the recommendations they make and must demonstrate that they have put client well-being above everything else. Murray Greig says, “It's about helping our clients find the best option, so we will always recommend the most beneficial solution based on each client’s unique circumstances”.

When choosing a finance provider, Loansmart wants borrowers to know about FSF membership and Financial Advice Provider licences, so they can make an informed decision.

© Scoop Media