FBAA accuses Aussie of Diploma 'mockery'

by Ben Abbott28 Feb 2012

Aussie has been accused of belittling industry experience with its new inductee Diploma program.

Last week, Aussie announced plans to introduce a three-week induction program for new members, which would be externally accredited as a Diploma of Financial Services.

Aussie said all new recruits of the business would need to complete this "before they meet a customer".

FBAA president Peter White said Aussie's decision to hold brokers out as industry professionals after completing a three-week Diploma was a 'disgraceful' act that belittled industry professionalism.

"This has to be the biggest load of garbage I've seen in decades of being in this industry and is a disgrace that this sort of thing should be allowed to be called higher educational standards," White said.

"It flies in the face of all those true industry professionals, of whom some have done a Diploma if they saw fit, and took them months if not a year to do even with many many years of industry experience. "

As part of Aussie's program, the franchise will also implement a structured six to eight week program to provide ongoing support through 'intensive' skill development and one-on-one sales coaching.

Aussie said its objective is to be "the most highly trained and professional large mortgage broker".

Aussie always aims to lead the industry and this is another example where we are ensuring customers are delivered the best and most professional broking service available," executive director James Symond said.

White responded by saying new trainees should not be able to hold themselves out as professional after a three-week Diploma. White supports those who take a Diploma, but does not believe this should be enforced until ASIC makes it a minimum requirement.

"Let's get back to the real world people of proper training, proper education, and real long-term experience before anyone is called the "best and most professional" at what they do," he said.

"If this is the level higher education has dropped to then hey I'm taking a 33-year career change and going to become a neurosurgeon next week," he added.

Aussies announcement comes as the franchise targets growth in numbers "over the next few years", up from its current 1000 headcount across its entire business.

Related stories:

Diplomas to be a must for Aussie

Brokers tell ACCC: 'Get rid of mandatory MFAA membership'


  • by ozboy 28/02/2012 9:19:16 AM

    Wonder how the MFAA feels about this as it would indicate that they could all be members as they would hold a dimploma (if Aussie is seen as a RTO). Good to see Mr White and the FBAA getting more a profile which shows the differences between the 2 major associations representing our industry.

  • by JERRY gIBB 28/02/2012 11:21:05 AM

    Your got to be kidding if the MFAA accept this sort of rubbish then why did i waste my time in getting my Diploma!!!! It took me more than that in effort and time and finally cost.

  • by Brad Q 28/02/2012 11:23:44 AM

    Aussie didnt mention that ALL their loan writers are required to also be MFAA members, which therefore says they must ALL have a diploma...which is the real reason they enforce it, not for being the highest trained professionals...