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ISCOVER
Jessica Darnbrough
The Australian Competition and Consumer Commission has upheld Aussie and Mortgage Choice's decision to enforce MFAA membership upon its broker partners.
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At the end of last year, the ACCC said it would review the brokerages’ third line notifications which require brokers to be a member of the MFAA.
Speaking to The Adviser at the time of the ACCC review, Aussie chief executive Stephen Porges said he stood by the third line notification and had no plans to review Aussie's stance on compulsory MFAA membership.
"This is a professional industry. And every professional industry needs a professional body. Brokers that are a member of the MFAA are proving that they are professional and are improving the standard of the industry," he said.
"We think we are a leader in the mortgage broking space and we want to remain that way, which is why we have no plans to change our current situation."
In a letter to the brokerage groups, the ACCC said it would uphold the third line notifications as the requirement was more likely to benefit the public, rather than act as a detriment.
“Accordingly, the ACCC does not intend to take any further action in relation to the above mentioned notifications at this time,” the letter read.
