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Who's shooting the sheriff on Australian BrokerNews?

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Australian Broker | 02 Dec 2011, 03:00 AM Agree 0
The industry's 'self-appointed' sheriff has been copping some flack on the Australian BrokerNews Forum - but which one, and why?
  • Garry | 02 Dec 2011, 10:47 AM Agree 0
    The MFAA is now obsolete. ASIC and the lenders ensure brokers adhere to the laws. If I want to do further study in the industry I now need to go outside the MFAA to do the required course.
    I cant really see how the MFAA are relevant any more. I would much prefer not to be associated with them as my Credit Licence ensures I do the right thing and act professionally at all times anyway.
  • Derek Miles | 02 Dec 2011, 10:54 AM Agree 0
    I have said on many forums, if the mortgage brokering industry wants to be seen as a professional industry, having professional associations is important. Yes, there should be choice, but there should not be any choice about whether brokers are acceptable members of one of the industry associations. The main functions of industry specific bodies is to maintain standards of education, service provision and ethics. Whilst ASIC regulates delivery of product to the consumer and is mostly concerned with the protection of the consumer, the industry bodies regulates the behavour of industry participants along ethical and educational standards.
  • Northern suburbs broker | 02 Dec 2011, 11:01 AM Agree 0
    Being new to the industry, I spoke with both FBAA and MFAA and found it somewhat confusing as to which choice to make. FBAA said they didn't insist upon the Diploma, (have since found out they may well do so later) and MFAA said they did, or at least to be studying it. I was leaning toward the "easier one" ie, FBAA, but was swayed by the " mandatory MFAA membership" by lenders. In that context, it is appropriate for an ASIC review
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