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Steven Cross
Speaking to The Adviser yesterday Peter White, president of the FBAA said that the association is seeing an “overwhelming” flood of new members.
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Mr White believes that the surge in interest in the FBAA is a direct response to the MFAA’s requirement that all members must completed a diploma by June 30.
“It’s wrong, people already have enough on their plate without worrying about undertaking a diploma,” Mr White said
“After NCCP, brokers are still coming to grips with all the compliance obligations.”
Mr White estimates that around a hundred new members are joining each month and he expects that number to rise as the MFAA draw close to the June 30 cut off for members to meet the new educational standards.
“People don’t want to do it and we’re seeing brokers voting with their feet,” Mr White said.
Mr White said he supported higher standards of education in the industry and would encourage members to complete the diploma – when they have the time to attend to it.
“We do encourage the diploma, if it will benefit them. The course has large focus on commercial lending, which will not suit everyone,” he said.
“A cert four is ample.
"Many brokers have years of experience, degrees and even doctorates. How can you call someone who’s new to the industry and attended a three day course, a professional compared to the veterans?” Mr White said.
But despite the upswing in FBAA memberships Phil Naylor, MFAA CEO remains confident that the vast majority of brokers will complete the diploma requirements by the June 30 cut off.
Mr Naylor told The Adviser that three quarters of brokers will have complied by the end of the month.
“We’re hoping that ultimately everyone completes it. We’re just trying to get everyone across the line,” he said.
Mr Naylor also stressed the seriousness of not completing the diploma, with broker’s memberships on the line.
“If people don’t observe the MFAA regulations they’ll no longer be eligible to be a member,” said Mr Naylor.
