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Steven Cross
Brokers have slammed a decision by the MFAA to direct government funding towards members who were unlikely to complete their soon to be compulsory diploma by the industry body's original June 30 deadline.
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The Adviser’s 2011 Broker of the Year, Jeremy Fisher, has called the MFAA’s decision to spend the government funding on brokers who delayed their diploma as ‘outrageous’ and ‘appalling’.
“The majority of brokers, including myself, took the time out of their day to follow the guidelines and comply. Given the vast majority of brokers are time poor, taking two to three days out of our week is no easy task.
“Nonetheless, we were given no choice but to attain the diploma by June 30 plus having to pay an $800 fee personally.”
But Mr Fisher says it isn’t about the money, it’s the principle.
“Now the brokers who conformed and completed the course in time will receive no rebate and are basically being punished for doing the right thing.
“It is no wonder the MFAA has a weak following amongst brokers,” he said.
But Phil Naylor, Chief Executive of the MFAA claims it wasn’t the industry body’s decision.
“We can’t backdate it to people who’ve already done it, because it’s the federal government’s decision,” he told The Adviser.
“The federal government’s conditions were that only people who had enrolled by the 15th of June but hadn’t yet completed the diploma could get up to two thirds of the cost covered. Anyone already with a diploma was ineligible.”
However, Mr Naylor has praised those who have gone out and ‘done the right thing’ by completing the diploma course of their own accord.
“It’s fantastic that they’ve gone out and seen the merit of reaching that education standard, and we’d encourage everyone to do it. But I cannot change the federal government’s decision.
“During our six month negotiation [with the government], we raised the point of reimbursing those who had already earned their diploma. But the funding could only go to the people who’d enrolled [and not completed] by the end of this financial year.”
