MFAA gets approval from ACCC to discipline members
May 28, 2009
The Mortgage and Finance Association of Australia (MFAA) has been granted conditional authorisation to continue to give effect to its Disciplinary Rules, ACCC Chairman, Mr Graeme Samuel, has reported.
The MFAA has approximately 13,000 members Australia wide including mortgage brokers, finance brokers, mortgage managers, lenders (bank and non-bank) and originators, lawyers, accountants and educational institutions associated with the industry.
The approval allows the MFAA to enforce the professional standard of conduct set out in its Code of Practice and Constitution to ensure that its members are compliant.
“The ACCC considers that the rules, which provide for the investigation of complaints against members and the imposition of a range of sanctions by the MFAA Tribunal, result in a public benefit,” Mr Samuel advised. “These Rules are important as they operate as a significant deterrent against MFAA members acting inappropriately.”
The ACCC has granted authorisation subject to a condition that the MFAA delete a rule which allows the MFAA’s board to impose sanctions on a member regardless of any other action being taken by the MFAA Tribunal or at law. The ACCC said they believe this rule undermines the role of the MFAA Tribunal.