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

by Adam Smith27 Jan 2012

The MFAA has vowed to follow up brokers who have yet to fulfill their Diploma requirements as the 30 June deadline nears.

In a communication sent to brokers, the MFAA said it will soon be contacting brokers who have not yet supplied evidence of their completed Diploma. The organisation has set down a 30 June deadline for its members to provide evidence of completing a Diploma "meeting MFAA criteria".

In spite of the warning issued to brokers, MFAA chief executive Phil Naylor told Australian BrokerNews most members are operating on schedule.

"Indications from members are that the bulk of them will have completed the Diploma by the end of April, many having taken the opportunity of the Christmas break to enrol and get started," Naylor said.

Should brokers miss the deadline, they could risk losing their MFAA accreditation.

"The board will consider the position at that time but the underlying principle will be that in order to maintain membership you must be accredited either as an MFAA Credit Adviser or MFAA Associate Credit Adviser to maintain membership. These require the attainment of the MFAA education standards as advised," Naylor said.

Related stories:

Trainers urge pre-November enrolment

MFAA negotiating after Diploma oversight


  • by Broker 27/01/2012 9:32:39 AM

    Won't forget , possibly as nothing else is on their agenda. I just recently completed my diploma and cam honestly say that after 9 years in this game, I learnt nothing.

  • by ozboy 27/01/2012 10:07:59 AM

    Ah "The board will consider" sounds like a get out clause to me!

  • by JBJB 27/01/2012 10:15:25 AM

    The MFAA have not done enough to explain why it feels it's members need to go through the hassle and expense of another qualification, being one that neither ASIC nor lenders require of brokers. Does MFAA feel there is a competance problem with it's members that will be resolved with this diploma? I've been a member for 9 years, but this is an expensive waste of time which will see me joining the FBA and allowing my MFAA membership to lapse.