Mortgage and Finance Association gets tough on qualifications
|
|
The Mortgage and Finance Association of Australia (MFAA) has ejected 1,500 brokers from its member base after they failed to meet basic qualification requirements.
In 2007, the industry body’s board decided that all new member applicants must have a Certificate IV in Financial Services (Finance and Mortgage Broking) qualification (or equivalent) as a prerequisite to MFAA membership, while existing members were given until July 1 this year to meet the condition.
Chief executive Phil Naylor said the board wanted to ensure its members held the “basic foundational qualification for mortgage and finance broking”.
“This enables the MFAA to raise the level of professionalism among its membership again by introducing a minimum diploma qualification in the next few years,” Naylor said.
The members who did not successfully satisfy the requirements were given “several reminders” before their memberships were cancelled.
Naylor said the MFAA will reinstate memberships where the required qualification is met within the next three months.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
