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MFAA Prosper : Mortgage and Finance Brief 06
When speaking with brokers, lenders and the MFAA over the past couple of months, a general feeling of confidence, determination and pride in the sector has been more than evident. It would be easy to attribute this to the NCCP legislation forcing people to up their game, but it's something more than that. In the aftermath of the GFC, businesses of all sizes, and indeed across all sectors, have had to take time out to assess what they've got and how they can maximise that over the coming years. Last month I attended an MFAA professional development event entitled Sell More, Live More – an attractive proposition, I'm sure you'll agree. A wide range of brokers were in attendance, from experienced professionals to newcomers, but they all shared a common goal: they wanted to improve themselves and their businesses. That thirst for knowledge and continual self improvement is always the sign of a good business person, and typifies my early impressions of the work being done in the mortgage and finance sector. As the new Editor of Mortgage & Finance Brief, I've been busy getting out and about to meet a lot of people over the past six weeks, and I hope to meet many more of you over the coming weeks and months. Our aim is to produce an Association magazine that both interests and stimulates you while offering good, practical advice and information that will assist you in your day-to-day business. Of course, the primary focus of Mortgage & Finance Brief is you, the broker, so if you'd like to get involved in any aspect of the magazine, or have any suggestions for issues you'd like to see us cover, I'd love to hear from you. All that's left for me to do is to wish you and your families a Merry Christmas from all of us here at MFAA and Mahlab Media and – perhaps more importantly – a very prosperous New Year. Martin Wanless, Editor Professional approach A lot of brokers are now looking at ways to supplement their income, and insurance may be an interesting option. Some brokers, however, have reported that they are being told by certain companies that selling insurance “is now compulsory”. Now this is a problem. Firstly, because as far as I am aware it is not "compulsory" at all. And secondly, some of those wishing to get brokers to “sell” general insurance products are not telling the whole truth; namely that the insurer generally wants the broker to become an authorised representative of its AFS licence and therefore only sell its product range. Third, you cannot forget that an insurer must be an AFSL holder to appoint an Authorised Representative. Much the same as in the new Australian Credit Licence world (where a Credit Representative [CR] is invariably only endorsed by one ACL Holder [the Licensee]), an AR is rarely cross-endorsed by another licensee, simply because those licensees become jointly and severally liable for the acts of the AR (or the CR). Obviously not a risk many licensees wish to take. An AFS Licensee who is authorised to deal in general insurance products may appoint a broker as an "insurance distributor". The distributor must still not provide advice, and must only assist the customer to obtain the product; for example, by filling out application forms and forwarding them to the insurer. This information does not comprise legal advice, and MFAA accepts no responsibility for it. If you have a compliance question, please contact MFAA on 1300 554 817 or email calvert@ mfaa.com.au General insurance and the mortgage broker An era of renewed professionalism seems to be dawning on the mortgage sector. According to calls received by MFAA recently, many brokers have been approached to become an "official representative" of an as-yet-unnamed insurer. Words Calvert J. Duffy, Executive Director – Gover nance & Compliance, MFAA 6 | Mor tgage & Finance brief Editor's letter MFAA Compliance Tip
Mortgage and Finance Brief 05
Mortgage and Finance Brief 07