The Australian Competition and Consumer Commission (ACCC) has reaffirmed its approval of the MFAA's disciplinary rules following its five-year review.
ACCC chairman Graeme Samuel said yesterday that the ACCC had granted conditional authorisation to the MFAA to continue its governance regime, which requires members to comply with its Code of Practice and Constitution.
“The governance regime sets a professional and ethical standard of conduct in the mortgage and broking industry,” Mr Samuel said, “[and acts] as a significant deterrent for MFAA members to act inappropriately.”
The authorisation was given on the condition that the MFAA deleted one rule which provides the MFAA board with the ability to impose sanctions on a member regardless of any other action being taken by the MFAA tribunal or at law; the ACCC said this undermined the MFAA Tribunal.
Phil Naylor, MFAA CEO, said the authorisation was a re-endorsement of the association’s robust disciplinary process and would enable the MFAA to continue to ensure its members operated ethically.
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