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'Rotten apple' brokers down 50%: MFAA

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Australian Broker | 09 Aug 2013, 08:00 AM Agree 0
The MFAA's had to expel 50% fewer brokers this year, but CEO Phil Naylor says the organisation remains 'vigilant in weeding out rotten apples'
  • Country Broker | 09 Aug 2013, 09:11 AM Agree 0
    4 down from 8 is a very low number considering the number of members who belong to the organisation, no mention though of those who had membership cancelled because they failed to complete their diploma on time . I think the standards of the MFAA are very strong and I am happy to remain a member.
  • Noel | 09 Aug 2013, 09:22 AM Agree 0
    Not all issues are advised to the MFAA as they are NOT the governing body. ASIC recently said that they have a number of issues which they are currently investigating. And its a lot more than 8.
  • SIDBROKER | 09 Aug 2013, 09:24 AM Agree 0
    By now it should be zero.
  • Wilko | 09 Aug 2013, 10:04 AM Agree 0
    True Noel but the ASIC issues are with criminals not brokers with poor and ignorant standards which are also some of the reasons they are expelled. Given ASIC's reliance on the industry bodies and the fact that some of their investigations are because of the industry bodies, ASIC should be thankful. They might not be the governing body but they are relied upon for the self regulatory nature of our industry.
  • Melbbroker | 09 Aug 2013, 10:07 AM Agree 0
    It's more likely, IMHO, that recalcitrant brokers are not being fully investigated. Having reported one such group to the MFAA, we were very disappointed to hear that this group had claimed to have provided a customer with the required documents and they were taken at their word. End of story. This was regardless of the fact that a quick visit to their website would have confirmed non compliance in a number of areas and that examples of non compliant documents being provided to the customer. Does the MFAA really have an interest in sanctioning members? I think not.
  • Ian | 09 Aug 2013, 11:58 AM Agree 0
    The reason I am not with MFAA was that I reported a fraudulent broker about 5 years ago, provided evidence of fake documentation etc, and MFAA said they were unable to do anything! Unbelievable. Don't believe the statistics.
  • Edgar | 09 Aug 2013, 04:52 PM Agree 0
    Misleading use of Statistics by the MFAA there. With a sample size of only 8 I doubt you can attach any statistical significance to the result. Still saying it's a 50% drop claims the headlines but if they have to expel 8 next year will they be as forthcoming with a 100% increase.
    Maybe they should do a bit more reading like unless they want to continue to mislead
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