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Don't count on Diploma 'rubber stamp'

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Australian Broker | 27 Jul 2011, 06:00 AM Agree 0
Brokers should not count on completing their Diploma in Financial Services via a "rubber stamp" recognition of prior learning process, due to the complex lending competencies that must be demonstrated
  • John - Senior Broker | 27 Jul 2011, 02:48 PM Agree 0
    It may be time for ASIC, MFAA & Aggregators to sit at the table come to a common understanding with the Credit Licencing-Competence and Training requirements. I can't agree with MFAA and Aggregators idiocy by enforcing brokers to hold a Diploma in Financial Services by 1/7/2012 as opposed to ASIC transition period , June 2014.
  • Lilly | 27 Jul 2011, 06:42 PM Agree 0
    John I am not sure why you think the ASIC transition period and the MFAA requirements are meant to be one and the same. They are two different bodies with different expectations. There is no requirement from ASIC to undertake a Diploma course. This is purely a MFAA requirement. Please understand that ASIC made themselves clear that CERT IV was the regulatory requirement at this point in time. As for the 20 hours CPD that ASIC require, MFAA have also decided to up that to 30. This is nothing to do with ASIC. I don't think you can blame ASIC for implementing guidelines that someone else decides to take advantage of and use their power to enforce extra requirements. The only mistake ASIC is making is allowing the power to continue.
  • Endorsement? | 28 Jul 2011, 12:03 AM Agree 0
    What a sad endorsement of your understanding of education standards to imply that enrolment for RPL assessment is a "rubber stamp" award and somehow less valuable than "the real thing". The standard of competency is the same regardless of the pathway. No-one should be ashamed of gaining their competency via valid demonstration and fair/flexible assessment. Whilst all learning is a great opportunity, there is simply no need to duplicate attendance at knowledge or skills already gained.
  • mortgageandlease | 28 Jul 2011, 02:43 PM Agree 0
    MFAA is very quickly becoming redundant and if there was a viable alternative, they will cease to exist.
  • Sandra | 28 Jul 2011, 04:39 PM Agree 0
    Good point Endorsement. I think some of the trainers out there don't quite understand "competency based" qualifications. Maybe they could do with some training!
  • WhistleBlower | 14 Sep 2011, 02:16 PM Agree 0
    Everyone read what Lilly has written.

    If you hold an ASIC ACL Licence (and follow 'the law') then you don't need MFAA.... remember, it's (MFAA)ONLY a commercial company like your own... it's attempting to carve out its niche as well.

    Don't get sucked in by MFAA marketing (although, forming and steering views/assumptions is hopefully a result of marketing) as the MFAA is just like you and I, looking for ways to develop its business.

    As Captain Jack sparrow was eeeerd to say "iiiii, watch out for those blaggards, them's all about finding treasure, just like me".

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