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The number of MFAA broker expulsions has halved over the past 12 months, the association said.
The Mortgage & Finance Association of Australia (MFAA) expelled just four mortgage and finance brokers from the association in the 2012/2013 financial year, down from eight the previous year.
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“We are pleased with the result as it demonstrates the MFAA’s determination to ensure the highest professional standards of our members, as well as strict and independent disciplinary procedures and very high education standards,” MFAA chief executive Phil Naylor said.
“The MFAA will continue to be diligent in the new financial year to enforce strict rules on our members to ensure they deliver the best possible service and customer protection.”
Under MFAA rules, complaints of alleged misconduct against an MFAA member are initially investigated by an external investigating officer, who may then refer the matter to the MFAA tribunal.
The tribunal has the power to impose various sanctions on members for misconduct, including expulsion from membership of the MFAA.
Mr Naylor said the introduction of the NCCP provisions in 2011 has seen mortgage and finance brokers adopt a higher standard of professional conduct.
