Brokers slam MFAA deadline rethink

by Mackenzie McCarty31 May 2012

Despite the spontaneous applause that greeted the MFAA's Diploma deadline extension at its convention, brokers online have pilloried the decision.

Last week, the MFAA announced that it would extend the timeframe for the completion of the Diploma, due to a 'massive backlog' of brokers that were still yet to complete the requirement.

The MFAA also announced that it had secured $2.4m in government funding to help newer broker members complete the Diploma, though only if they had not yet done the qualification.

Brokers commenting on Australian Broker Online have expressed disappointment with the last minute decision, as well as missing out on funding due to finishing on time.

"Brokers have known about this deadline for some time now and if they have not bothered to "get around" to getting their Diplomas completed, this is not fair on the brokers that have paid (without compensation) and completed the course in the appropriate timeframe," said Annoyed broker.

"From memory, we were given around two years' notice to get the Diploma. Most of us have taken the time out of our businesses to complete it and at our own expense," said Thinker.

"So now those who chose not to, or to leave it until the last minute, will not only get a further six months but will also get up to two-thirds of the cost subsidised by tax-payers' money," he said.

Perth Broker also lamented the decision.

"Having made the effort to complete the Diploma by the supposed "Deadline" I am angry that the MFAA has capitulated. Members have known of the deadline for over a year. Can we take anything they [the MFAA] say seriously from now on?" he asked.

Though positive feedback was hard to come by, there were some brokers defending the MFAA.

"I guess you can please some of the people some of the time. Others,you will never please. It cost me less than $1K and a small amount of time to add to my qualifications. I've been in the industry over 12 years. It may be just an other peice of paper but even so, it did enhance my knowledge," said Prisco.

Incognito slammed the negativity of other brokers in the industry.

"I'm very happy with the MFAA. Some miserable brokers are NEVER happy," he said.


  • by Over Qualified 31/05/2012 10:17:24 AM

    It is interesting feedback and reinforces what I had felt also. The MFAA continues to prove itself as a toothless tiger, considerably out of touch and essentially filling no role whatsoever. With licensing it is now time to dispense with this unnecessary layer.

  • by billy blogg 31/05/2012 10:23:23 AM

    i for one will be voting with my feet.
    i will not be renewing my membership with the MFAA this year. i have been with them now for several years, i no longer see the point.

  • by Ken Crawford 31/05/2012 10:29:37 AM

    The qualifications are part of the profession - the cost overall was marginal. However a deadline is a deadline. The plane will leave without you, why shoul;d those who have done the right thing have to "wait" for the others to catch up.

    Seems to me like we are heading towards the mediocre not the professional.