MFAA bans member
Phil Naylor
The Mortgage and Finance Association of Australia (MFAA) has expelled another member for misconduct, which is the third expulsion in a fortnight.
Sandra Mollica & Pipers Lane Australia, trading as Cira Finance, was expelled following an MFAA investigation, details of which will not be released by the association.
Commenting on the code of practice yesterday, MFAA chief Phil Naylor said members must meet high standards of behaviour, ethics, expertise and experience or face investigation.
“We are tough on compliance with our code. By being tough, the public can have confidence in using an MFAA member, knowing they aren’t going to be taken for a ride,” he said.
This year, 51 matters were referred to the MFAA disciplinary rules and tribunal, 29 of which were substantiated with sanctions imposed.
The MFAA is in discussion with state and territory governments to update legislation in an effort to better regulate industry behaviour.
“While we are able to hold our members to account, there is currently no nationally consistent legislation in place to account for brokers who are not our members,” Naylor said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
