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MFAA Prosper : Mortgage and Finance Brief 13
Mortgage & Finance brief 11 Asic and the MFAA on same page over director’s permanent ban the MFAA is committed to expelling the rogues in the industry, so it is gratifying to note that ASIC sees things the same way. On 19 December last year, ASIC cancelled the credit licence of Melbourne-based Star Alliance Financial Services and permanently banned its Director Prasanna Indrajith Wijesekara of South Morang, Victoria, following an investigation that revealed he had submitted false documents. Wijesekara’s application for an Australian Credit Licence did not disclose that AMP Bank had revoked his broker accreditation in 2010. ASIC said it also found evidence that he had provided false and misleading information in a loan application to AMP. the MFAA expelled him as a member nine months earlier for the same conduct. Printing your cPd records Members with a Continuing Professional Development (CPD) requirement are reminded they can access the MFAA member portal at any time to print a PDF version of their current CPD record. To access your CPD record: 1 Loginto the MFAA member portal (accessible through the Member Centre on the MFAA website) 2Enter your user number and password 3Access the ‘CPD Record’ tab 4Click the ‘Print a copy of your CPD record’ button For further CPD enquiries, please contact the membership team on 1300 554 817 or membership@mfaa. com.au changes to Australian consumer law On 1 January 2012, changes to the Australian Consumer Law (ACL) and the ASIC Act commenced. These changes introduced a statement of interpretative principles to assist courts when they apply the statutory prohibition of unconscionable conduct. The changes are also aimed at unifying all of the separate provisions that previously related to unconscionable conduct in the ASIC Act and the ACL, with respect to individuals and businesses, thereby removing the risk that courts might give each a different meaning. The MFAA does not expect the changes will require any significant shifts in the conduct of members’ businesses. This information does not comprise legal advice and the MFAA accepts no responsibility for it. Aggregator checklist updated online The MFAA has updated a checklist to assist members when they select an aggregator, sub- aggregator or broking group. The checklist is designed to account for an individual broker’s priorities and circumstances. Members can use the checklist to rank how important a group’s business model and service offerings are to their own business. The checklist includes: the professional development and training opportunities available; fees and charges; commissions and payments; documentation facilities; and compliance assistance. The checklist can be downloaded from the MFAA’s website, www.mfaa.com.au. Go to ‘Join MFAA’, then ‘Become a broker’.
Mortgage and Finance Brief 12
Mortgage and Finance Brief 14