MFAA expels consultant for misconduct
The Mortgage and Finance Association of Australia (MFAA) has expelled accredited mortgage consultant and E-Mortgage Wise director Don Hoang for misconduct, along with his company.
Hoang engaged in dishonest conduct by manufacturing and then submitting to a lender income supporting documentation from a company he knew to be false, according to a statement from the MFAA’s disciplinary tribunal.
Hoang “failed to act with all due skill, care and diligence by submitting mortgage applications to various [lenders] which have since been identified as fraudulent,” the statement read.
MFAA chief executive Phil Naylor said: “The MFAA has a well defined code of practice which demands high standards of behaviour, ethics, expertise and experience. This code is enforced by the MFAA through its disciplinary rules and tribunal, and is well respected by the industry. This expulsion is part of policing those standards.”
The MFAA, which represents the majority of Australia’s mortgage brokers, has lobbied strongly for the past four years for consistent nation-wide regulation of mortgage brokers, Naylor said.
While he welcomed the passing of the National Consumer Credit Protection Act, Naylor said the MFAA “will continue our strong approach to disciplinary matters as we believe it is in the best interest of consumers and our members.”
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.
