Powered by MOMENTUM MEDIA
subscribe to our newsletter
MFAA disciplinary rules re-authorised by ACCC

MFAA disciplinary rules re-authorised by ACCC

The Australian Competition and Consumer Commission (ACCC) has re-authorised the MFAA’s disciplinary rules until June 2019.

Members are required to comply with the MFAA governance regime, including a code of practice which outlines the requirements and professional standards expected of members.

The disciplinary rules for which the MFAA is seeking authorisation enforce this governance regime.

Advertisement
Advertisement

The rules contain the process for the investigation of complaints against members, expulsion of members and hearing of appeals against refused applications for membership or accreditation.

“The MFAA's membership requirements impose higher educational and professional standards on its members than required under legislation,” ACCC acting chair Dr Michael Schaper said.

“The disciplinary rules provide an effective means for enforcing these standards,” Dr Schaper said.

“The arrangements are likely to continue to result in public benefits by improving consumer confidence and consumer protection in the mortgage and broking industries," he said.

The MFAA’s disciplinary rules were initially authorised by the ACCC in 2004 and were subsequently re-authorised in 2009.

Since the disciplinary rules were last considered by the ACCC a national regulatory regime for the credit industry, the National Consumer Credit Protection Act commenced in 2010.

Authorisation provides immunity from court action for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act 2010.

The MFAA is a voluntary industry organisation that represents over 10,000 mortgage and finance brokers, mortgage managers and aggregators.

 

MFAA disciplinary rules re-authorised by ACCC
mortgagebusiness

 

Latest News

A multinational non-bank lender has commenced operation in Australia in a bid to disrupt the domestic market as it seeks to service unmet de...

Expected monetary policy adjustments in overseas markets could make it easier for banks to pass on cuts to the cash rate from the RBA, accor...

Michael Andrew, a renowned tax and business leader, has passed away. ...

FROM THE WEB
podcast

LATEST PODCAST: Broker share and Westpac U-turn

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.