Broking draft law claims first victim
Phil Naylor
Victorian Nam Nguyen has become the first of the 12,600 accredited consultants of the Mortgage and Finance Association of Australia (MFAA) to be expelled in the wake of this week’s release of the exposure draft of the National Finance Broking Legislation (NFBL).
Nguyen’s expulsion, for undisclosed reasons, highlights the need for national legislation to better protect consumers from rogue brokers in the industry, according to MFAA chief executive Phil Naylor.
He praised the exposure draft of the NFBL as an “important step” in the MFAA, which has a policy of not disclosing reasons for member expulsion, being able to “hold brokers accountable for their behaviour”.
“We’ve made a commitment to stamping out inappropriate practises in our industry so that consumers can borrow with the confidence that they will not be taken advantage of.”
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
