The trade body announced in 2009 that all members would need to complete a diploma in order to receive a Credit Adviser industry accreditation and continue membership of the MFAA.
However, around 1,100 mortgage brokers have failed to gain the accreditation before this year’s 31 January deadline and will now have their memberships revoked. This amounts to around 12% of the trade body’s total member base.
The MFAA said that it had pursued the scheme to ensure that its members have ‘high standards of professionalism’. The intermediary sector accounts for around 40% of all mortgage sales in Australia.
Phil Naylor, MFAA chief executive, told members: “We are very pleased that more than 88% of our members are now qualified to use the new accreditation MFAA Credit Adviser, with expectations that many of those whose membership has been terminated will seek to have it reinstated within the next two months by providing evidence of the required education qualifications.
“It is very important that the sector, which now delivers more than 40% of mortgages in Australia, continues to show leadership in professional education, standards and compliance, negating the need for any further government intervention and regulation.”
