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The Mortgage and Finance Association of Australia (MFAA) has expelled accredited mortgage consultant Pingkie Ong for misconduct — the second member to be expelled this month.
According to the MFAA Disciplinary Tribunal, Ong failed to disclose all liabilities on a mortgage application that he submitted to a banking lender as both the mortgage broker and co-borrower.
The tribunal said it regarded the allegations as blatant and serious.
MFAA chief executive Phil Naylor said the expulsion was part of policing the MFAA’s Code of Practice and was in the best interest of consumers and members.
He said the MFAA welcomed the passing of the National Consumer Credit Protection Act but would continue its strong approach to disciplinary matters.
