The MFAA is sorting through a "tsunami" of broker qualifications following last month's Diploma deadline.
With the 31 January deadline passed, MFAA CEO Phil Naylor has told Australian Broker the association is now dealing with the influx of correspondence from brokers who completed the Diploma.
"It’s gone really well. The deadline was 31 January, and as you can imagine, we’ve had a tsunami of emails from people providing evidence that they’ve obtained the qualifications," Naylor said.
The MFAA last year extended the deadline for the Diploma from 24 November to 31 January due to a "massive backlog" in processing last minute enrolments. With the extension in place, Naylor said the vast majority of brokers had completed the qualification.
"It will take some time to sort through that, but by the time we’ve finished I think 92-93% of our membership will have satisfied the requirements. We’re very happy with that," he said.
While the association experienced some minor attrition as a result of the new requirements, Naylor said the majority of its membership was in favour of higher educational standards.
"The overwhelming proportion of our membership want to see the MFAA with higher standards than the others, and they want to see the MFAA with higher standards that those required by legislation," Naylor said.