MFAA applauds strict broker discipline

by Mackenzie McCarty12 Feb 2013

The MFAA has welcomed ASIC’s banning of another financial executive (Harold Bundy of Ezymanagement) in Sydney last week, along with other industry safeguards, as it symbolises a stronger regulatory regime on the sector.

The banning of the executive, whom the MFAA stresses was not a member of the organisation, reinforces the association’s own moves to tighten the disciplinary controls placed on its members.

In light of an Australian Broker article published yesterday, in which ASIC spokesperson, Daniel Wright, said the organisation is witnessing a ‘continuing’ trend of fraud within the mortgage broking industry, MFAA CEO Phil Naylor says his organisation has expelled 31 members over the last eight years, with the ‘majority’ of those members found by the MFAA’s Disciplinary Tribunal to have engaged in ‘serious misconduct’ through submitting fraudulent loan applications to lenders.

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  • by Wishful Thinking 12/02/2013 8:42:48 AM

    Expelled 31 members over the last 8 years for serious misconduct. How out of touch the MFAA are. This is one years work where I am employed.

  • by DeanP 12/02/2013 10:34:50 AM

    Here we go again. So typical of the MFAA attacking brokers whilst all this time saying nothing about lenders.

  • by Broker 12/02/2013 10:55:59 AM

    31 out of what 13000 MFAA members ( now approx 9000?)

    Well done MFAA for stating the bleeding obvious....