By: Jessica Darnbrough
The MFAA has expelled its second member in as many weeks.
Accredited mortgage consultant Pingkie Ong was expelled from the industry body for failing to disclose all liabilities on a mortgage application which he submitted to a lender as both the mortgage broker and co-borrower.
Mr Ong’s conduct contravened clause 42 of the MFAA’s Code of Practice, which states that a member must not engage in any acts or omissions of a misleading, dishonest, deceptive or fraudulent nature.
MFAA chief executive officer Phil Naylor said the body had a well defined Code of Practice, which demands high standards of behaviour, ethics, expertise and experience.
“This Code is enforced by the MFAA through its disciplinary rules and tribunal and is well respected by the industry.
"This expulsion is part of policing those standards,” Mr Naylor said.
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