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Steven Cross
Only one in three brokers feels the June 30 cut-off date for the MFAA diploma requirement is fair, according to a recent broker poll.
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Of the 405 brokers that participated in The Adviser online poll, 68 per cent believe that they have not been given sufficient time to meet the MFAA's new educational requirements.
The MFAA recently made several changes to the minimum education standards it requires as part of its push to increase the level of professionalism across the mortgage and finance industry.
Under the new structure, existing MFAA members must have either completed the diploma or upgrade Diploma in Financial Services or the Diploma of Finance and Mortgage Broking Management.
Existing members with more than five years’ experience can take the ‘fast track’ option which gives them MFAA Credit Adviser status without undertaking a diploma.
Mortgage Choice’s CEO, Michael Russell, told The Adviser that the requirement is poor timing.
"The MFAA, I feel, have failed to comprehend the sheer magnitude of change that brokers have had to contend with post NCCP.
"It's only been 12 months and many are still refining their processes and coming to terms with what is required to be fully compliant.”
But 31.4 per cent of brokers disagree, and claim the MFAA have been more than generous.
“We’ve had plenty of warning” James Eaves from The Mortgage Gallery told The Adviser. “For most, it’s only a case of an upgrade to prior learning. Personally I don’t think it’s too big of an ask, but maybe on the east coast, where it hasn’t been as regulated as it is over here [in WA], they have more hoops to jump through.”
In the ACT, Brad Quilty of Elders Home Loans Canberra said time is fast running out.
“I finished mine in October last year... Anyone who hasn’t yet, well they obviously haven’t planned ahead.”
CEO of the MFAA, Phil Naylor told The Adviser that they plan on reviewing the situation at the end of the month.
“We’re monitoring the numbers of people who have done it. We expect about 75 per cent of MFAA members will have completed their diploma by end of April, after which we may review the current situation.”
Mr Naylor also said that while they had not considered it yet, an extension may be possible if a large proportion of members had not been accredited by late June.
