THE WORD -- MFAA accreditation post-licensing

WILL YOU STLL REQUIRE BROKERS TO RETAIN MEMBERSHIP OF THE MFAA ONCE LICENSING COMMENCES?

MARK WOOLNOUGH
ING DIRECT

“The MFAA has always been determined to add value to its members. Once licensing comes into play, there is a further opportunity for brokers to benefit from their membership with this professional association. The MFAA is focussed on providing brokers with a framework that represents and supports professional credit advisers, something ING DIRECT supports. Brokers that retain their MFAA membership will operate under higher levels of professional standards and have access to education and development pathways. These and other initiatives will be in the interests of customers that use a broker associated with the MFAA.”

STEVEN HEAVEY
St George Bank

“St George recognizes the value of industry bodies, in particular the emphasis on increasing industry professionalism and broker education. At present, St George is focussed on ensuring brokers compliance to national credit licensing requirements. Membership of any industry organization is the choice of the individual, and while it is not a prerequisite to retain accreditation with the MFAA, it is considered beneficial and is encouraged.”

KATHY CUMMINGS
CBA

“CBA will continue to require its accredited brokers to be a member of an industry body, such as the MFAA. The MFAA plays a very important role in developing the professionalism of brokers through its training programs and... promoting dialogue between brokers, lenders and regulatory bodies. The MFAA also provides efficiencies in the industry. For example, when AML [anti-money laundering] came in... through the MFAA we had the means and mechanism for brokers to do one training [program] agreed upon by all lenders. If you don’t have an industry body like the MFAA, you can’t facilitate that sort of training or the various types of dialogue that go on, around and in the industry.”

MEG BONIGHTON
ANZ

“ANZ has always been, and will continue to be, a strong supporter of the MFAA. The association has a solid history of advocating the broking industry. We plan to continue our membership in support of its strategic plans to become a strong professional body representing the industry. I believe brokers will see the benefit of continuing their membership going forward in terms of professional development, keeping informed of industry changes and having a voice in those changes. While we are still in the process of assessing our accreditation requirements under the new licensing regime, we regard the MFAA as a key player in the broking industry.”

PETER HAYWARD
Citibank

“Citibank endorses what the MFAA is doing in bringing in the standard of the professional credit adviser. However, in terms of whether Citi will require its brokers to retain their MFAA accreditation as an absolute prerequisite, we will instead lean toward the licensing standards set out under the national consumer credit regulation. However, we certainly endorse the standards the MFAA is requiring of its members and the industry body’s aim to raise the standards in the profession. We continue to support the MFAA’s move to promote education and compliance and give consumers the best possible service and advice through its higher standards of accreditation.”