MFAA bans member
Phil Naylor
The Mortgage and Finance Association of Australia (MFAA) has expelled another member for misconduct, which is the third expulsion in a fortnight.
Sandra Mollica & Pipers Lane Australia, trading as Cira Finance, was expelled following an MFAA investigation, details of which will not be released by the association.
Commenting on the code of practice yesterday, MFAA chief Phil Naylor said members must meet high standards of behaviour, ethics, expertise and experience or face investigation.
“We are tough on compliance with our code. By being tough, the public can have confidence in using an MFAA member, knowing they aren’t going to be taken for a ride,” he said.
This year, 51 matters were referred to the MFAA disciplinary rules and tribunal, 29 of which were substantiated with sanctions imposed.
The MFAA is in discussion with state and territory governments to update legislation in an effort to better regulate industry behaviour.
“While we are able to hold our members to account, there is currently no nationally consistent legislation in place to account for brokers who are not our members,” Naylor said.
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”.
