By: Jessica Darnbrough
The MFAA has sent a clear warning to its brokers: falsify your Continuing Professional Development (CPD) points and face expulsion.
Speaking at a Connective roundtable discussion earlier this week, MFAA chief executive officer Phil Naylor said the industry body had expelled its first broker for falsifying CPD hours.
Under the MFAA’s new tiered professional framework, brokers are expected to complete a minimum of 30 hours of CPD each year in order to retain their membership.
“Under our proposed Professional Credit Adviser framework, all our members are required to meet certain educational standards,” Mr Naylor said.
“We expect all of our members to meet and exceed these professional standards."
Qualifications for members will be tiered under the umbrella of a Professional Credit Adviser, enabling members to be Associate Credit Advisers, Credit Advisers or Certified Credit Advisers, depending on their knowledge and experience level.
Mr Naylor said the MFAA’s decision to encourage brokers to become Professional Credit Advisers would open the door to implementing a fee for service model.
“Moving forward, we may see a lot more brokers move into a fee for service model,” Mr Naylor said.
“The MFAA’s new professional framework will allow brokers to charge a fee, so long as they are charging a fee for a service that they are not already being remunerated for.
“Brokers that do implement a fee for service model, must make sure that they are completely transparent with their customers, and can explain to them what the fee is and what it is for.”
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