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One of Australia’s key regulators has praised the MFAA for setting higher standards than the law demands.
The deputy chair of the Australian Competition & Consumer Commission, Delia Rickard, said the association imposes “higher educational and professional standards on its members than required under the NCCP Act”.
MFAA chief executive Phil Naylor said it was board policy to raise the bar on compliance.
“We don’t want to be the bare minimum. The aspiration of our members is they want to be seen as a cut above the pack,” he told The Adviser.
Mr Naylor said the system of rules and sanctions that the MFAA and ASIC has put in place has helped raise industry standards.
“Over the years, we’ve weeded out people in our membership who shouldn’t have been there,” he said.
“Our membership standards prevent people who shouldn’t be there from joining, and now ASIC has taken on enforcement of the industry generally, which has made an impact as well.”
Meanwhile, the MFAA has welcomed a draft ruling from the ACCC to approve the association’s disciplinary rules for the next five years.
Mr Naylor said the MFAA’s disciplinary process had operated for more than 10 years with the authorisation of the ACCC.
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