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Nearly two thirds of the 1,500 brokers terminated by the MFAA have had their membership reinstated after obtaining their Certificate IV in Financial Services.
Early last month, the MFAA took a hard line with brokers that had failed to obtain the Certificate IV, terminating their membership.
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However, the association said it would reinstate a membership if Certificate IV was attained within three months.
“The majority of members already had their certificate IV, but for one reason or another, they had failed to make this known to us. This was easily corrected and as such, their membership was reinstated without delay,” he said.
With just over a month remaining, Mr Naylor said he is doubtful that many of the remaining 600 brokers will strive to meet the MFAA’s requirements and obtain their Certificate IV.
“If they are serious about broking and their profession, they will complete what is the basic foundational qualification for mortgage and finance broking,” he said.
