The Mortgage and Finance Association of Australia has declared support for the crackdown of several non complying operators by the Australian Securities and Investments Commission after this morning’s announcement of ASIC banning a Sydney broker and a financial management head.
The MFAA has said that it is ensuring that their 10,000 members are complying with strict professional standards, and that there are disciplinary procedures in place for non compliant members.
ASIC has cracked down on 8 credit providers in the past 3 months, 2 of which ended in convictions, 3 permanent bannings and 3 bannings for 11 years. The MFAA also has cancelled the membership of 6 of those banned.
MFAA CEO Phil Naylor believes that despite these rulings, the mortgage industry is still operating at a high level of professionalism and ethical practices.
Read more about this on the Australian Broker Online website.