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MFAA culls 1,500 under-qualified brokers

Staff Reporter 3 minute read

The MFAA has taken a hard line with brokers that have failed to complete their Certificate IV in Financial Services, terminating 1,500 memberships.

With the National Consumer Credit Protection Act’s responsible lending obligations set to take effect from 1 January 2010, the MFAA has been clear in its intentions to raise the bar among its members.

MFAA chief executive Phil Naylor said that despite a number of reminders, a minority of brokers had failed to abide by the Board’s requirements to complete what was described as “the basic foundational qualification for mortgage and finance broking”.

“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,” MFAA chief executive Phil Naylor said.

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Letters were this week dispatched to 1,500 informing them of their failure to comply and the resulting MFAA action.

“Regrettably, we have no choice but to cease their memberships,” he said.

The MFAA said it would however reinstate a membership if Certificate IV was attained within the next three months.

MFAA culls 1,500 under-qualified brokers
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