Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

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.

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.

Advertisement
Advertisement

“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

The brokerage has teamed with the fintech, for the launch of a new app that will let borrowers compare pricing and environmental impact acro...

The desire to secure a mortgage has collapsed across the country, according to a new analysis from Equifax. ...

The Reserve Bank will be closely watching how households respond to higher rates as it decides its next move, ANZ senior economists have sai...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

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