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Jessica Darnbrough
Brokers have applauded the Mortgage & Finance Association of Australia’s (MFAA’s) decision to cancel more than 1,000 broker memberships.
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Yesterday, the MFAA announced it had cancelled 1,100 broker memberships after these brokers had failed to successfully complete their Diploma in Financial Services.
While the move copped some criticism from brokers, by and large the response was positive, with many brokers applauding the MFAA for taking the “hard line approach”.
The National Finance Institute’s managing director Peter Heinrich said he was puzzled to see so many brokers kick up a fuss about having to obtain their diploma.
“I say if you are a good broker, then the certificate shouldn't be difficult. Congratulations to the MFAA for making the hard call. The easier option would have been to back down, but it would have been an insult to those who made the effort to get a diploma,” he said.
“If 1,100 [brokers] didn’t get the qualification, it means over 10,000 did. Congratulations to them for recognising that their clients want to deal with qualified people.”
Mr Heinrich’s comments were echoed by several other brokers, including Mortgage House’s Tom Mak who said he had learnt a lot from the course and believes it is important for all professional brokers to hold their diploma.
“I stand by the MFAA’s [actions]. I joined the mortgage industry 10 years ago. I held a Graduate Diploma in Business and Administration prior to joining this industry, and I studied the Diploma of Mortgage Lending. [The diploma] taught you how to do the loan and how to comply with regulation and mortgage law. I learnt a lot from this course. It gave me a very sound knowledge and more confidence to talk to customers and provided suggestions. I encourage, particularly new brokers, to obtain their diploma.”
Another commentor, who referred to themself as ‘The Toiler’, said it was important for all brokers to have their diploma since it creates a high standard of professionalism.
“All you lot that are grumbling about requiring a diploma are jokes! Why don’t we let back in all the taxi drivers and grader drivers who have no idea what they are doing and have a completely unprofessional image. It’s not about the diploma, it’s about a standard that we need to set ourselves,” The Toiler said.
“I too had 20 years' experience when it was first moved that we needed a diploma. I got mine in 2010 as I thought it more professional.”
