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Cert. IV minimum requirement: ASIC

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Australian Broker | 29 Jul 2009, 12:00 AM Agree 0
Mortgage brokers will be required to have at least a Certificate IV education and be able to demonstrate two years of relevant experience, under ASIC's policy proposal.
  • BBB | 30 Jul 2009, 03:34 PM Agree 0
    This is great news it will get some of the "less professional" operators out.
    But really is 2 yaers industry experience long enough???
    I would have thought at least 3 or more especially if you are a principal of the broking firm.
  • Mark | 30 Jul 2009, 06:21 PM Agree 0
    Essentially the policy that is outlined in the Consultation paper is mirroring the MFAA policy anyway. If you are an MFAA member, then you are required to have a minimum of Cert IV broking qualifications. As a member of a large aggregation group, I am also required to have 2 years worth of experience before being entitled to my independent licence.
    Having said that, I've known of well educated and experienced brokers who still are unable to measure up. Having the knowledge (education) does not equate to displaying the moral aptitude to do what is right. When driving on the road, we all know what the speed limit is....but do we obey it. In the same manner, there are still some cowboys (and cowgirls) among us who teeter on the edge of the what is right (and subsequently fall into the abyss of what is actually wrong and fraudulent). Instead of over –education in the future, let’s hope the $2.7 million spent by ASIC on compliance measures includes audits to weed the less compliant brokers out of our industry.
  • Abe | 31 Jul 2009, 07:19 AM Agree 0
    Based on some comments around these parts, I hope the course includes some basic financial maths so brokers might be able to calculate such things as the fair value of a break cost for a fixed rate loan.
  • Perth Broker | 31 Jul 2009, 08:18 PM Agree 0
    I agree 3 years experience would be preferable to be eligible for a license. I also believe that all new Mortgage Broker "Representatives" should be required to obtain a Cert IV prior to acting as a broker, with a 12 month transitional period for existing brokers. ASIC are proposing allowing 4 years to obtain a Cert Iv...let's weed the cowboys out now and put the onus on license holders to assist their broker representives obtain a Cert IV so they know what they are doing. It seems anyone with a heartbeat can become a mortgage broker at the moment. Not good for our industry.
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