Edition 71, October 2009

Mortgage association cracks down on qualification requirement

Mortage association cracks down on qualificationsThe Board of the Mortgage and Finance Association of Australia has ceased the membership of around 1500 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.

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.

'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.

'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.

The MFAA will reinstate a membership if Certificate IV is attained by 31 October 2009.

For more information visit www.mfaa.com.au/default.asp?menuid=543 

This page was generated on 30 October, 2009

Tag cloud Tags: mortgage brokers. Click here to view the tag cloud.