The Securities Institute has teamed up with the Mortgage Industry Association of Australia (MIAA) to raise broking standards ahead of a regulatory shake-up in the sector analogous to the Financial Services Reform Act.
The education provider and the MIAA have joined forces to develop a new qualification as well as ongoing training and professional development programs aimed at protecting consumers and boosting the integrity of the sector.
The initiative will see the pair collaborate to develop a new qualification — Certificate IV in Financial Services (Finance/Mortgage Broking) — along with expanding existing professional development and membership activities.
Securities Institute chief executive Brian Salter says the partnership will promote more ethical conduct throughout the mortgage industry and deliver significant benefits for both industry practitioners and consumers.
“The MIAA, which has been campaigning for industry-wide uniform regulation of the mortgage industry for the past two years, believes education plays a fundamental role in raising standards.
“Given that the mortgage industry services the more retail end of the market, raising industry standards translates into consumer protection and improved customer service,” Salter says.
Salter’s counterpart at the MIAA Phil Naylor agrees.
“At 70 per cent, the Australian home ownership rate is one of the highest in the world so it’s crucial that professionals in the industry are well equipped to operate in the challenging housing market.
“MIAA’s commitment to raising standards means strategic alliances with key bodies like the Securities Institute are essential so that the industry maintains a standard of service our consumers expect,” Naylor says.
The courses will deliver essential foundations and knowledge of the mortgage industry, including regulation, products and lending processes as well as provide practical skills that can be used immediately in the workplace, such as building client relationships.
