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ISCOVER
Staff Reporter
The Mortgage & Finance Association of Australia has today terminated the membership of 1,100 broker members who have failed to meet the educational standard (Diploma in Financial Services (Finance/Mortgage Broking Management or equivalent) necessary to become MFAA Credit Advisers.
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In 2009, the MFAA Board decided that by 31 January 2013 all loan writing members must have successfully completed the Diploma in Financial Services (Finance/Mortgage Broking Management) or equivalent to continue membership with MFAA and use the accreditation of now being an MFAA Credit Adviser.
MFAA chief executive Phil Naylor said while he was pleased to see so many advisers complete their Diploma, it was important to de-credit those who had not.
“We are very pleased that more than 88 per cent of our members are now qualified to use the new accreditation MFAA Credit Adviser, with expectations that many of those whose membership has been terminated will seek to have it reinstated within the next two months by providing evidence of the required education qualifications,” he said.
“It is very important that the sector, which now delivers more than 40 per cent of mortgages in Australia, continues to show leadership in professional education, standards and compliance, negating the need for any further government intervention and regulation.
“With this sector providing home loans worth more than $100 billion this year, MFAA Credit Advisers are now a very important part of the financial services sector and MFAA members can now confidently display and promote their qualifications to their clients.
“I thank all of our members who have attained the new standard and accreditation and urge those who have been slow off the mark to get their diplomas as soon as possible to regain their membership status.”
