For the second time this month, the MFAA ousted a member.
Pingkie Ong of Preston West, Victoria was expelled for misconduct.
According to the MFAA’s 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 regarded the allegations as blatant and serious,” it said, citing clause 42 of the MFAA Code of Practice which states, “A member must not engage in any acts or omissions of a misleading, dishonest, deceptive or fraudulent nature.”
MFAA CEO, Phil Naylor said, “The MFAA has a well defined Code of Practice which demands high standards of behaviour, ethics, expertise and experience. This Code is enforced by the MFAA through its Disciplinary Rules and Tribunal and is well respected by the industry. This expulsion is part of policing those standards.”
“As the MFAA represents the majority of Australia’s mortgage brokers with over 12,500 members, we take this responsibility to members and to borrowers seriously. We have strongly lobbied for the past four years for consistent, nation-wide regulation of mortgage brokers and welcome the passing of the National Consumer Credit Protection Act but will continue our strong approach to disciplinary matters as we believe it is in the best interest of consumers and our members,” he said.
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