MFAA expels its 12th member
Phil Naylor
The Mortgage & Finance Association of Australia (MFAA) has expelled its 12th member for misconduct, Victorian accredited mortgage consultant Minerva Boniales.
MFAA chief executive officer Phil Naylor said with interest rates on the move and borrowers feeling more confused and insecure than ever, it was critical that the MFAA hold all members to account for their behaviour.
“We’re committed to stamping out inappropriate practices in our industry so that consumers can borrow with confidence, knowing they are not being taken advantage of.”
Naylor said the MFAA had a well-defined code of practice that all 12,000 members must adhere to as a condition of their membership and those who breached the code would be subject to disciplinary action, which may include expulsion.
According to Naylor, while the association is able to hold MFAA members to account, there was currently no consistent legislation in place to hold brokers to account who are not members.
“We have been working with the state and territory governments to address this for some time and in November last year the exposure draft of National Finance Broking Legislation was released. These laws would cover all brokers,” he said.
AUTHOR
George Liondis
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