The Board of the Mortgage and Finance Association of Australia (MFAA) today ceased the membership of around 1,500 brokers who failed to become adequately qualified.
MFAA Chief Executive Phil Naylor said the members failed to abide by the Board’s requirement to successfully complete the Certificate IV in Financial Services (Finance and Mortgage Broking) in time.
“This MFAA wishes to raise — and recognise — the level of professionalism among its members, who provide valuable advice and services to their clients,” Mr Naylor said.
“In 2007, the MFAA Board resolved that all new member applicants must hold the Certificate IV qualification or an equivalent as a pre-requisite to MFAA membership, while all existing members had until 1 July 2009 to satisfy that requirement.
“The Board wanted to ensure all MFAA members held the basic foundational qualification for mortgage and finance broking.
“This enables the MFAA to raise the level of professionalism among its membership again by introducing a minimum Diploma qualification in the next few years.
“The Board’s objective is for MFAA members to operate at a high level of professionalism, above and beyond the requirements of the upcoming National Consumer Credit Protection Act,” he said.
Mr Naylor said that despite several reminders, some 1500 members failed to satisfy the MFAA that they attained the Certificate IV qualification.
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