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MFAA Prosper : Mortgage and Finance Brief 11
8 | Mor tgage & Finance brief Phil Naylor Chief executive officer, MFAA MORTGAGE & FINANCE BRIEF is the official magazine for members of the Mortgage & Finance Association of Australia. Chief executive officer: Phil Naylor Executive director marketing & membership: Kriti Colless Marketing & communications manager: Marisa Ashworth Post: PO Box 604 Neutral Bay NSW 2089 T: (02) 8905 1300 F: (02) 9967 2896 E: firstname.lastname@example.org W: www.mfaa.com.au Published by: Mahlab Media Managing director : Bobbi Mahlab Editor: Martin Wanless Deputy editor: Michael Mills Sales director : Nicole Dixon Advertising sales manager : Sarah Lander Art director : Kate Oliver Designer : Gary Humphrys 369a Darling Street, Balmain NSW 2041 T: (02) 9818 8896 F: (02) 9818 6080 E: email@example.com W: www.mahlabmedia.com.au Printed by: Webstar Mailed by: D&D Mailing Services Cover photography: Shannon Morris All material copyright MFAA . All rights reser ved. MFAA does not expect or invite any person to act or rely on any statement, opinion or advice contained in this publication and readers must rely on their own enquiries in making any decisions or giving any advice. Neither MFAA nor any employee or agent of MFAA nor any contributor to this publication will be liable for any loss or damage caused by any inaccurate statement, opinion, advice or information contained in this publication. Circulation 13,306 The Australian Council of Professions (Professions Australia) defines a profession as: “A disciplined group of individuals who adhere to high ethical standards and uphold themselves to, and are accepted by, the public as possessing special knowledge and skills in a widely recognised, organised body of learning derived from education and training at a high level, and who are prepared to exercise this knowledge and these skills in the interest of others.” That seems to accurately describe the role of an MFAA Approved Broker. Every profession has minimum standards and, in particular, minimum education standards. For well-established professions such as law and medicine, it is a given that high educational standards apply. There is also general acceptance of the need for elevated educational standards in professions more closely related to mortgage and finance broking e.g. valuers, financial planners and accountants. These standards are normally established by the relevant professional body, sometimes reinforced by law. The aspiration of MFA A members (according to Member Survey September 2009), is to be viewed by consumers as members of an industry association with standards that are in excess of the minimum regulatory standards. Members also said that the MFA A should require its members to adopt and adhere to higher levels of professional standards than those that apply to non-members. While the minimum requirement to operate under NCCP is to be educated to Certificate IV level, every other professional body comparable to the MFA A mandates a higher educational standard. The professional sense of this is clearly recognised by the above MFA A member sentiments. They understand that the NCCP requirement is a default minimum. It is not a professional standard. The MFAA’s key focus, based on membership input to our Strategic Plan, is to increase professional and educational standards, and promote the value of using an MFA A Approved Broker to consumers. Not surprisingly, this is consistent with what CPA Australia tells us that its members expect, viz advocate and promote their value to the market, and provide them with the knowledge to help them progress their careers and enhance their capabilities. The professional education standard for all loan-writing members from 1 July 2012 is the Diploma of Financial Services (Finance and Mortgage Broking Management) or equivalent as set out on the MFA A website, in the Member Centre section. In fact, all new members since 1 January 2011 have been admitted on the basis they already hold diploma status or have committed to attain that by 1 July 2012. Only when all members are appropriately qualified will the MFA A be able to aggressively promote the value of using an MFA A Approved Broker, with diploma or equivalent qualifications. A profession deserving of promotion CEO’s message
Mortgage and Finance Brief 10
Mortgage and Finance Brief 12