No cull from Diploma deadline: MFAA

by Adam Smith31 Jan 2012

An impending Diploma deadline is not predicted to result in a drastic decrease in the MFAA's membership.

The MFAA has set a 30 June deadline for its members to provide evidence of their completed Diploma, and has warned it will begin to actively contact brokers who have yet to complete the requirements.

But MFAA chief executive Phil Naylor said he does not expect a drop-off in the association’s membership.

“We certainly don’t anticipate a big decline, and that’s not the aim of this. The aim is to get everyone up to speed,” Naylor told Australian BrokerNews.

During the lead-up to the MFAA’s introduction of Cert IV requirements, the association shed 1,500 members, only to regain 750 of those who later completed their Cert IV.

Naylor claimed anecdotal evidence suggested more than 6,000 of the association’s 11,000-plus brokers had enrolled in Diploma programs slated to be completed by April, while many more had already attained their Diploma.

This comes after training organisations last year urged brokers to enrol prior to mooted changes on November 24. The changes to government education standards for Cert IV and Diploma courses would require brokers who enrolled after November 24 to complete more coursework for their Diploma upgrade, with the level of additional coursework varying by training provider.

Naylor claimed that brokers who missed the November 24 deadline had not been significantly disadvantaged, and that the new upgrade requirements were minimal.

Related stories:

'We won't forget Diploma deadline', MFAA warns

Trainers urge pre-November enrolment

MFAA negotiating after Diploma oversight


  • by david kompes 9/02/2012 1:51:00 PM

    I have hit the wall with this vexatious, poorly thought out MFAA requirement.

    Can anyone explain to me what I will learn in the upgrade unit required to obtain the Diploma of Mortgage Broking? I am a Financial Planner with a Certificate 4 in Lending and 8 plus years of continuous Broking Experience.

    If ostensibly the objective is to raise professionalism, then surely you would understand that anyone who has 8 years experience and is also a Financial Planner will offer clients a comprehensive level of expertise not even in the scope of the Diploma of Mortgage Broking; the detail of which redefines the meaning of shallow.

    Can the MFAA disclose, as we do to our clients, the kick backs they expect to receive from all these training bodies directly or indirectly?